Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on United Bank of India, the penalty is to be deposited within fourteen days from the date of receipt of the order. The regulator has imposed penalty for delaying in reporting of fraud in the account of Kingfisher Airlines.
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.
