The torchlight procession is being held under the slogan "For heroes' glory, for children's future!" the UNIAN news agency reported.
Andrii Illienko, the lawmaker of the Ukrainian parliament from the Svoboda party, said before the start of the action that the demonstration would be peaceful and would provide an occasion for the discussion of the pressing issues.
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"Following the march, a rally will take place. Not only historical issues will be discussed during the demonstration, but also the pressing current political issues as well as the plans of the patriotic nationalist forces for the year," Illienko was quoted as saying by the broadcaster.
The torchlight procession is being accompanied by the police, the UNIAN added.
Bandera was a Ukrainian nationalist leader who collaborated with Nazi Germany during World War II and was responsible for numerous atrocities against civilians as a leader of the Ukrainian Insurgent Army (UPA), whose activities are prohibited in Russia.