RBI imposes penalty of Rs 1 crore on Union Bank of India

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, says RBI

The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The penalty was imposed by an order dated November 25 for non-compliance with the certain provisions of directions issued by the RBI contained in Reserve Bank of India (Fraud - Classification and Reporting by commercial banks and select FIs) Directions 2016 and Guidelines on Sale of Stressed Assets by Banks.

The banking regulator, in a statement, said, "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the