Reserve Bank of India (RBI) has imposed penalty of Rs 1.35 lakh on Union Bank of India. RBI has imposed penalty due to deficiency observed during RBI inspection in Currency -Chests. The bank has taken necessary preventive measures to avoid recurrences of such instances.
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.