Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on United Bank of India to be deposited within 14 days for non-compliance with and contraventions of directions contained in the RBI circular of February 20, 2018 on ‘Time-bound implementation and strengthening of SWIFT-related operational controls’.
United Bank of India is one of the 14 major banks, which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.
