Union Bank of India has been notified of a penalty imposed by the Reserve Bank of India. The penalty amounts to ₹1,28,750 (Rupees One lakh twenty-eight thousand seven hundred and fifty only) for certain deficiencies found during an inspection. The bank has acknowledged the penalty and is implementing preventive measures to avoid future occurrences.
RBI Imposes Penalty on Union Bank of India
Union Bank of India has received notification regarding a penalty levied by the Reserve Bank of India (RBI). The penalty amounts to ₹1,28,750 (Rupees One lakh twenty-eight thousand seven hundred and fifty only).
Details of the Penalty
The penalty was imposed due to findings during an RBI inspection. Specifically, the deficiencies identified related to Detection of Counterfeit and mutilated currency notes and Shortage in Currency Chest Balances.
Bank’s Response and Preventive Measures
Union Bank of India has confirmed receipt of the RBI’s direction or order on 09.06.2026. The bank asserts that the impact on its financial, operational, or other activities is Not Significant. Furthermore, the bank has assured that it has taken necessary preventive measures to avoid the recurrence of such instances.
Disclosure Compliance
This disclosure is made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015, as amended, and as per Schedule III, Part A Clause 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source: BSE
