In compliance with Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, Union Bank Of India has informed that Reserve Bank of India has imposed a penalty of Rs 20 million on the Bank for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms on examination of certain accounts with substantial transactions. The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949. The Bank has taken necessary preventive measures and has implemented a comprehensive corrective action plan, to strengthen internal controls and to ensure that such incidents do not recur.
The above information is a part of company’s filings submitted to BSE.
