The Reserve Bank of India on Monday imposed a penalty of Rs. 1 crore on the Union Bank of India, for non-compliance with certain provisions of directions issued by RBI. The directions were contained in ‘RBI (Fraud-Classification & Reporting by commercial banks & select FIs) Directions 2016’, and ‘Guidelines on Sale of Stressed Assets by Banks’.
The action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.
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