Tax & Penalty10 Jun 2026, 05:31 pm
Union Bank of India Fined ₹1.28 Lakhs by RBI
AI Summary
The Reserve Bank of India has imposed a penalty of ₹1,28,750 on Union Bank of India for violations including detection of counterfeit and mutilated currency notes, and shortage in currency chest balances. The bank stated that the impact is not significant and has implemented preventive measures to avoid recurrence.
Key Highlights
- RBI imposed a penalty of ₹1,28,750 on Union Bank of India.
- Violations included counterfeit notes and currency chest shortages.
- The financial impact of the penalty is deemed not significant.
- Preventive measures are being taken to avoid future occurrences.
Price Impact
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