Photo: NewsOnAIR

RBI Issues Monetary Penalty On Bank Of India For Violation Of KYC Regulations

Reserve Bank of India (RBI) announced a monetary penalty of Rs 70 lakh against Bank of India for violating Know Your Customer standards on July 8. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," RBI said. RBI issued a directive after considering the bank's reply. 

Fri, 08 Jul 2022 - 09:00 PM / by Vidhi Jhunjhunwala

Tags: RBI, Monetary Penalty, Bank of India, KYC, money transactions

Courtesy: ANI

Union Bank of India

Photo: India TV

RBI Imposes Fine Of Rs 1 Crore On Union Bank Of India

The Union Bank of India (UBI) has been imposed a monetary penalty of Rs 1 crore by the Reserve Bank of India (RBI) for not complying with certain provisions of its directions. The directions include RBI (Fraud- Classification, and Reporting by commercial banks and select FIs) Directions 2016 and Guidelines on Sale of Stressed Assets by Banks. The penalty has been imposed as per the Banking Regulation Act 1949.

Tue, 30 Nov 2021 - 01:30 PM / by Brijesh Goswami

Tags: RBI, Fine, union bank of india, Monetary Penalty, Fraud

Courtesy: ANI