Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on Union Bank of India for delay in detection and reporting of fraud. 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.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
