State-owned lender Union Bank of India on Wednesday said it has reported all high value cash transactions to authorities concerned, denying the tax department's allegations that over Rs 10 lakh transactions were not reported to the Financial Intelligence Unit.

"Cash transaction report has been sent regularly to authorities concerned. Every single cash deposit above Rs 10 lakh has been reported to the authorities concerned as per the prevalent regulations," Union Bank of India chairman and managing director MV Nair told reporters in New Delhi on Wednesday.

The IT department, which had summoned Nair last Monday, has said that the bank did not furnish details of cash transactions worth more than Rs 10 lakh by Balaji Bullion Corporation and Balaji Bullion Bazar, two companies alleged to have helped the former Jharkhand chief minister Madhu Koda, who is at the centre of the Rs 4,000-crore money laundering scam.

Rebuffing the claims of the IT department, Nair said," there has not been a single transaction which has not been reported." However, he added that the bank will audit its branches where high-level transactions happen.

The RBI guidelines say that banks should also follow consumer due diligence norms to politically exposed persons like ministers, political functionaries and senior judges.

Banks are required to maintain a record of all customers right from the date of transaction for a period of 10 years.