RBI penalises Union Bank of India with Rs 1 crore fine for non-compliance

The RBI said it has imposed a penalty of Rs 1 crore on Union Bank of India.

The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of Rs 1 crore on 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".