Union Bank of India Fined ₹95.40 Lakh by RBI for Non-Compliance with Banking Directions

Union Bank of India has been imposed a penalty of ₹95.40 Lakh by the Reserve Bank of India (RBI) for non-compliance with certain banking directions. The bank failed to comply with RBI's directions on Limiting Liability of Customers in Unauthorized Electronic Banking Transactions, specifically in crediting the amount involved in unauthorized transactions to customers' accounts within 10 working days and providing a direct link for lodging complaints on its website. Additionally, the bank did not adhere to RBI's directions on Income Recognition, Asset Classification and Provisioning processes related to BSE Ltd and NSE India Ltd. The bank has taken necessary measures to prevent recurrences of such instances.