The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on the Union Bank of India for deficiencies in regulatory compliance. The penalty was imposed by an order dated November 25 for non-compliance with the certain provisions of directions issued by the RBI contained in RBI (Fraud - Classification and Reporting by commercial banks and select FIs) Directions 2016 and Guidelines on Sale of Stressed Assets by Banks.
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.
