State-owned Union Bank of India has disclosed that it has been levied a monetary penalty of Rs 1.66 lakh by the Reserve Bank of India (RBI).
In a stock exchange filing, the bank stated: “This is to inform that the Reserve Bank of India has imposed a penalty of Rs 1,66,868.84 (Rupees one lakh sixty-six thousand eight hundred sixty-eight and eighty-four paise only).”
The penalty was imposed due to discrepancies observed in soiled note remittance to the RBI and instances of ATM cash-out.
The bank added that it has taken necessary preventive measures to avoid recurrence of such lapses.
About Union Bank Of India
Union Bank of India is an Indian public sector bank headquartered in Mumbai. It has over 153 million customers and a total business of Rs 21,65,726 crores as of 31 December 2024. After merging with Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, the merged entity became one of the largest public sector banks in terms of branch network with around 9,300 branches. Four of these are located overseas in Hong Kong, Dubai, Antwerp, and Sydney.
