The Reserve Bank of lndia (RBI) has imposed a total penalty of Rs 1 crore on Union Bank of India for violating certain provisions related to sale of stressed assets and reporting of frauds.
The Reserve Bank of lndia (RBI) under Section 47A (l) (c) along with Section 46(4)(i) and Section 51 (1) of the Banking Regulation Act, 1949, has imposed a penalty of Rs 50 lakh for each section (aggregating to Rs 1 crore) on the bank under Reserve Bank of lndia (Frauds Classification and Reporting by Commercial Banks and select FIs) Directions, 2016 and 'Guidelines on Sale of Stressed Assets by Banks.'
On Friday, 26 November 2021, the Reserve Bank of India (RBI) had imposed a penalty of Rs 1 crore on State Bank of India (SBI) for contravention of provision.
Union Bank of India's standalone net profit surged 195.4% to Rs 1,526.12 crore on a 2.3% rise in total income to Rs 20,683.95 crore in Q2 FY22 over Q2 FY21.
Shares of Union Bank of India rose 0.81% to Rs 43.65 on BSE. Union Bank of India is a state-run bank. The Government of India held 83.50% stake while Life Insurance Corporation (LIC) of India held 5.06% stake in the state-run bank, as on 30 September 2021.
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