RBI imposes Rs 1 crore penalty on Union Bank of India
Zee News
This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act).
New Delhi: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on the Union Bank of India (UBI) for non-compliance with certain provisions of its directions relating to fraud classification and reporting and sale of stressed assets.
According to a statement issued by the RBI on November 25, it has imposed a monetary penalty of Rs 1 Crore on Union Bank of India (the bank), for non-compliance with the certain provisions of directions issued by 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".
This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act).
