RBI imposes monetary penalty on Union Bank of India, worth Rs 1.20 lakh

The Reserve Bank of India has levied a penalty of Rs 1,20,000.00 (Rupees One lakh twenty thousand only).

According to the filing made, this is to inform that the Reserve Bank of India has imposed a penalty of Rs 1,20,000.00 (Rupees One lakh twenty thousand only).

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Read Also : RBI imposes monetary penalty on Union Bank of India, worth Rs 1.20 lakh

As per the bank’s statement, the reason for the penalty is Deficiencies in soiled note remittance to RBI and another deficiency observed on the Currency Chest.

Meanwhile, the Bank has taken necessary preventive measures to avoid recurrences of such non- compliances.

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