Tax & Penalty18 Aug 2026, 06:10 pm
Union Bank of India Fined ₹3.08 Lakh by RBI for Currency Irregularities
AI Summary
Union Bank of India has been penalized ₹3,08,795 by the Reserve Bank of India (RBI) due to the detection of counterfeit and mutilated currency notes, along with currency shortages during an RBI inspection. The bank stated that the impact of this penalty is not significant on its financial or operational activities. Union Bank of India has assured that necessary preventive measures are being implemented to avoid future occurrences of such issues.
Key Highlights
- RBI imposes ₹3.08 lakh penalty on Union Bank of India.
- Penalty relates to counterfeit, mutilated currency, and shortages.
- Financial impact deemed not significant by the bank.
- Preventive measures are being taken to avoid recurrence.
Price Impact
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