RBI imposes monetary penalty on Union Bank of India

State owned Union Bank of India has disclosed through exchanges that it has been imposed a monetary penalty of Rs 1.66 lakhs by Reserve Bank of India.

As per the filing stated, this is to inform that the Reserve Bank of India has imposed a penalty of Rs 1,66,868.84 (Rupees one lakh sixty-six thousand eight hundred sixty-eight and eighty-four paise only).

The reason cited for the penalty is Discrepancies observed in Soiled Note remittance to RBI and ATM cash out.

Meanwhile, the Bank has taken necessary preventive measures to avoid recurrences of such instances.

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