RBI imposes monetary penalty on Union Bank of India

New Delhi: The Reserve Bank of India has imposed a penalty of Rs 1,35,250.00 (Rupees One lakh thirty-five thousand two hundred and fifty only) on state-owned Union Bank of India.

The Bank has stated that the reason for the penalty has been cited as deficiency observed during RBI inspection in Currency -Chests. Further, the Bank has taken necessary preventive measures to avoid recurrences of such instances.

Shares of Union Bank of India are trading down by 0.80% at Rs 153.25 at BSE.