Tax & Penalty11 Sept 2026, 08:10 pm
Union Bank fined ₹1,33,850 by RBI for currency chest deficiencies
AI Summary
Union Bank of India has been penalized ₹1,33,850 by the Reserve Bank of India. The penalty stems from deficiencies found in three of its Currency Chests during the financial years 2021-22 and 2022-23. These deficiencies included the presence of mutilated currency notes, a shortage of currency notes, and counterfeit currency notes detected in cash remittances. The bank has assessed the financial and operational impact as "Not Significant" and confirmed that it has implemented necessary preventive measures to prevent similar incidents in the future.
Key Highlights
- RBI imposed a ₹1,33,850 penalty on Union Bank.
- Penalty for currency chest deficiencies in FY22-23.
- Violations included mutilated, shortage, and counterfeit notes.
- Bank states financial impact is not significant.
- Preventive measures taken to avoid recurrence.
Price Impact
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