RBI has imposed a penalty of one Rs on Union Bank of India
The Reserve Bank of India (RBI) imposed a penalty of one Rs on the Union Bank of India for breaching several provisions regarding the sale of stressed assets and reporting of fraud.
An inspection conducted by the RBI found non-compliance with the rules for classifying accounts as red flags, despite the presence of early warning signals and the failure of the bank, the RBI said. does not disclose the provision for security receipts (SR) in its annual report, RBI said in a statement.
The action is based on regulatory compliance deficiencies and is not intended to be a representation of the validity of any transaction or agreement the bank enters into with a customer, RBI said.
On November 26, RBI has introduced a penalty to State Bank of India (SBI) for violating certain rules.
