REGULATORY · INDIA
Union Bank of India discloses ₹95.40 lakh RBI penalty
Change
Union Bank of India disclosed an RBI penalty of ₹95.40 lakh for regulatory violations.
Why it matters
The disclosure means the bank must remediate deficiencies in electronic transaction processing, complaint handling, and asset-classification controls as directed by the RBI. Those directives require the bank to strengthen timelines for crediting disputed amounts and improve complaint mechanisms on its website. The bank's compliance obligations and operational controls for electronic banking are now more stringent.
Implications · Who is affected · What to watch
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