The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of Rs 1 crore on Union Bank of India for deficiencies in regulatory compliance. The penalty was imposed by an order dated November 25 for non-compliance with the certain provisions of directions issued by the RBI contained in “Reserve Bank of India (Fraud - Classification and Reporting by commercial banks
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 Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on the Union Bank of India (UBI) for non-compliance with certain provisions of its directions relating to fraud classification and reporting and sale of stressed assets.