Case Brief
On July 26, 2017, RBI imposed a monetary penalty of ₹10 million on Union Bank of India. The bank was found to have failed to comply with certain RBI directions on Know Your Customer (KYC) norms, after RBI examined a complaint about huge cash withdrawals in certain accounts, issued a show-cause notice, and reviewed the bank’s response and supporting material. RBI cited Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date