Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1 crore on United Overseas Bank Limited by order dated October 01, 2019. RBI said the bank failed to comply with section 10B of the Banking Regulation Act, 1949, and imposed the penalty under section 47A(1)(c) read with section 46(4)(i) of the Act. RBI noted the action was based on regulatory compliance deficiencies and was not a ruling on the validity of any transaction or agreement entered into by the bank.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date