Union Bank of India Receives ₹95.4 Lakh Penalty from RBI
Mumbai, 27 March 2026: Union Bank of India has disclosed under Regulation 30 of SEBI (LODR) Regulations, 2015 that the Reserve Bank of India (RBI) has imposed a penalty of ₹95,40,000 (Rupees Ninety-Five Lakh Forty Thousand only) for non-compliance in certain regulatory areas.
Details of Non-Compliance
The RBI identified the following violations:
- Limiting Liability in Unauthorized Transactions – The bank did not credit customer accounts within 10 working days after being notified of unauthorized electronic transactions.
- Lack of Direct Complaint Link – The bank failed to provide a direct link on its homepage for lodging complaints about unauthorized electronic transactions.
- Income Recognition and Asset Classification – Non-compliance in income recognition, asset classification, and provisioning processes, particularly relating to BSE Ltd.
Impact and Preventive Measures
Union Bank of India confirmed that the penalty does not have a significant impact on its financial or operational activities. The bank has implemented necessary preventive measures to avoid recurrence of such issues, including enhancements to automation in income recognition, asset classification, and provisioning processes.
About Union Bank of India
Union Bank of India is a leading public sector bank in India, listed on BSE (Scrip Code: 532477) and NSE (Symbol: UNIONBANK-EQ), offering a wide range of financial services to individual and corporate customers.