Union Bank of India has been penalized by the Reserve Bank of India (RBI) with a fine of ₹1,07,000.00. The penalty was levied due to deficiencies observed in shortage of notes, mutilated notes, counterfeit notes in soiled note remittance and incognito visit penalty. The bank has taken necessary preventive measures to avoid recurrences of such instances.
RBI Imposes Penalty on Union Bank
Union Bank of India has received a penalty from the Reserve Bank of India amounting to ₹1,07,000.00. This penalty was communicated to the bank on 09.10.2025, following an inspection by the RBI.
Reasons for the Penalty
The penalty was imposed due to the following violations:
- Deficiencies observed in Shortage of Notes.
- Mutilated notes.
- Counterfeit Notes in Soiled Note Remittance and Incognito visit penalty.
The impact on financial, operation or other activities of the listed entity is Not Significant quantifiable in monetary terms to the extent possible.
Preventive Measures
Union Bank of India has stated that it has implemented necessary preventive measures to avoid the recurrence of similar instances in the future.
Source: BSE