Case Brief
On August 30, 2018, RBI imposed a monetary penalty of ₹10 million on Union Bank of India. The penalty was levied for contravention of instructions contained in the Master Circular on Fraud – Classification and Reporting, with RBI noting that the bank delayed detecting and reporting a fraud in an account. The penalty was imposed under 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