Union Bank of India

RBI imposed a monetary penalty of Rs 95.40 lakh on Union Bank of India for non-compliance with directions on unauthorised electronic banking transactions and automation of asset classification processes.

The bank must absorb the monetary penalty and address the compliance weaknesses identified by RBI. The order does not itself impose a business restriction, but it signals supervisory concern and may expose the bank to further regulatory action if the deficiencies persist. Customers affected by unauthorised electronic transactions and KCC account processing were the subject of the compliance lapses cited by RBI.

• section 47 A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

RBI imposed a ₹63.60 lakh penalty on Union Bank of India for regulatory non-compliance. The breaches involved delayed transfer to the Depositor Education and Awareness Fund and taking collateral for certain agricultural loans.

Union Bank of India must absorb the penalty and remain compliant with RBI directions going forward. The order does not by itself restrict operations, but it reinforces the bank’s obligation to meet deposit-fund transfer requirements and collateral-free agricultural lending norms.

• Section 26A of the Banking Regulation Act, 1949
• Section 47 A (1) (c)
• Section 46 (4) (i)

+1 more in the case brief

RBI imposed a ₹1.064 crore penalty on Union Bank of India for non-compliance with directions on CRILC reporting and KYC. The bank was found to have failed in data accuracy/integrity and risk categorisation of certain customers.

Union Bank of India must absorb the financial penalty and address the compliance gaps identified by RBI, especially in CRILC reporting controls and customer risk categorisation. The order does not itself invalidate customer transactions, but RBI has indicated that other action may still be initiated.

• section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949

RBI imposed a penalty of Rs 1 crore on Union Bank of India for non-compliance with its lending directions. The bank had extended a term loan in place of budgetary support without adequate due diligence.

Union Bank of India must absorb the Rs 1 crore penalty and ensure future lending complies with RBI’s restrictions on loans and advances. The action does not itself impose a new operating ban, but it signals heightened compliance expectations around project finance, due diligence, and use of budgetary resources for debt servicing.

• Section 47 A (1) (c) read with Sections 46 (4) (i) and 51(1) of the Banking Regulation Act, 1949

RBI imposed a monetary penalty of Rs 1 crore on Union Bank of India. The penalty was for non-compliance with RBI directions on fraud classification/reporting and stressed asset sale guidelines.

Union Bank of India must absorb the monetary penalty and address the compliance deficiencies identified by RBI. The order does not invalidate customer transactions, but it underscores expected improvements in regulatory reporting, fraud monitoring, and disclosure practices.

• section 47A(1)(c)
• sections 46(4)(i)
• 51(1) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on seven banks for non-compliance with multiple RBI directions. The action was taken under the Banking Regulation Act after scrutiny and show-cause proceedings.

Each named bank must absorb the monetary penalty and address the compliance weaknesses identified by RBI. The order does not invalidate customer transactions, but it signals supervisory concerns and may lead to tighter internal controls and future scrutiny.

• Section 47A(1)(c)
• Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

This RBI action affected 7 entities. This profile is linked as bulk member.

RBI imposed a ₹10 lakh penalty on Union Bank of India for non-compliance with its cyber security framework directions. The action followed an examination triggered by fraudulent SWIFT messages and identified deficiencies in the bank’s cyber security compliance.

Union Bank of India must absorb the monetary penalty; the order does not invalidate customer transactions or agreements. The action serves as a compliance enforcement measure and highlights the bank’s obligations to maintain RBI-prescribed cyber security controls.

• Section 47A (1) (c) read with Section 46(4) (i) and section 51 (1) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on four banks for non-compliance with several supervisory directions. The banks named are Bank of Baroda, Corporation Bank, State Bank of India, and Union Bank of India.

The named banks are required to bear the imposed penalties and address the compliance deficiencies identified by RBI. The action has no stated direct restriction on banking operations or customer access, but it signals supervisory findings that may affect regulatory scrutiny going forward.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 4 entities. This profile is linked as bulk member.

RBI imposed a monetary penalty on Union Bank of India for delay in detecting and reporting a fraud in an account. The penalty was issued for contravention of RBI's fraud classification and reporting instructions.

Union Bank of India must bear the monetary penalty and the order serves as a compliance signal regarding fraud detection and reporting obligations. The release does not mention any operational restriction on the bank or direct impact on customers beyond the enforcement action.

• Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949

RBI imposed a ₹2 crore monetary penalty on Union Bank of India for non-compliance with KYC directions. The action followed an examination linked to media reports of a fraud and a show-cause process.

Union Bank of India must absorb the ₹2 crore penalty and the finding of KYC non-compliance. The action does not itself impose an operating restriction, but it signals regulatory scrutiny and may affect the bank’s compliance obligations and supervisory expectations going forward.

• Section 47A(1)(c)
• Section 46(4)(i) of the Banking Regulation Act, 1949

RBI imposed a monetary penalty of ₹10 million on Union Bank of India for non-compliance with KYC-related directions. The penalty followed a complaint and subsequent examination by RBI.

Union Bank of India must absorb the monetary penalty and address the compliance deficiencies identified by RBI. The decision has no stated effect on the validity of customer transactions, but it underscores continued regulatory scrutiny of the bank’s KYC compliance and related account-level controls.

• Section 47A(1)(c)
• Section 46(4)(i) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on 13 banks for KYC/AML and related regulatory violations. The scrutiny also found issues around account monitoring, STR filing, and FEMA-related compliance.

The penalised banks must absorb the monetary penalties and address the compliance gaps identified by the RBI, particularly around KYC, transaction monitoring, STR reporting, and FEMA-related controls. The eight other banks named in the release were not penalised, but were advised to strengthen measures and periodically review compliance processes on an ongoing basis.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 21 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce for KYC/AML and related compliance violations. Eight other public sector banks were cautioned to strengthen controls.

The three penalised banks must absorb the monetary penalty and address the compliance gaps identified by RBI, especially around KYC/AML, transaction monitoring, RTGS controls, and FD/OD diligence. The eight cautioned banks face no monetary penalty in this release, but they are expected to strengthen controls and periodically review compliance processes going forward.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 11 entities. This profile is linked as bulk member.