Union Bank of India has been penalized by the Reserve Bank of India (RBI) with a fine of ₹8,43,000.00. The penalty was levied due to deficiencies observed in the handling of soiled note remittances to the RBI and issues related to ATM cash management. The bank has taken necessary steps to prevent similar issues from happening in the future.
Penalty from Reserve Bank of India
Union Bank of India has received a penalty from the Reserve Bank of India amounting to ₹8,43,000.00. This penalty was imposed due to certain operational deficiencies identified by the regulatory authorities.
Reasons for the Penalty
The penalty stems from deficiencies observed in soiled notes remittances made to the RBI and irregularities in ATM cash out penalty.
Corrective Measures
The bank has initiated preventive actions to avoid a recurrence of such issues. The receipt date of the directive regarding the penalty was November 25, 2025. The impact on the bank’s overall financial operation is considered Not Significant.
Source: BSE
