Reserve Bank of India (RBI) has imposed a penalty of Rs 10 million on Union Bank of India for delay in exchange of information regarding the conduct of the borrower's account with other lenders.
The amount of the penalty is not material considering the size of the Bank. The incident of imposition of penalty of Rs 10 million has come to the bank knowledge on February 06, 2019.
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.
