RBI Sends a Wake-Up Call: Union Bank Faces Penalty for Compliance Lapses

Union Bank of India has come under regulatory scrutiny as the Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.06 crore for non-compliance with critical banking norms. The penalty was levied following findings related to lapses in the bank’s adherence to RBI’s directives on the “Creation of a Central Repository of Large Common Exposures-Across Banks” and “Know Your Customer (KYC)” guidelines.

 

Key Highlights:

This development serves as a reminder of the RBI’s commitment to enforcing high standards of governance and transparency within the banking sector.

 

Sources: Economic Times, The Hindu Business Line, LexSite