Union Bank of India: After SBI, this time Union Bank, the Reserve Bank fined 1 crore! But why?


#NewDelhi: The Reserve Bank of India has again fined a bank. At present, the Reserve Bank of India is taking strict action to violate banking rules. Failure to follow proper banking rules will result in fines. A few days ago, State Bank of India, India’s largest state-owned bank, was fined Rs 1 crore by the Reserve Bank of India. This time the Union Bank of India has also been fined Tk 1 crore by the Reserve Bank of India.

Union Bank of India has been fined Rs 1 crore for non-compliance with RBI rules. Union Bank has been fined Tk 1 crore, the Reserve Bank of India said on Monday. On November 25, the Reserve Bank of India issued an order imposing a fine of Rs 1 crore on Union Bank of India.

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The Reserve Bank has informed that some banking rules were issued on its behalf in 2016. All government, private and other financial institutions in India have to abide by that rule. The rules were enacted to strengthen the foundation of India’s financial structure and to ensure proper and secure banking system. But Union Bank of India has been fined Tk 1 crore for violating this rule. Earlier, State Bank of India, India’s largest state-owned bank, was also fined Rs 1 crore for violating RBI rules.

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State Bank of India fined Tk 1 crore

A few days ago, the Reserve Bank of India (RBI) fined State Bank of India, India’s largest state-owned bank, Tk 1 crore. The fine was imposed on November 16, 2021, according to the Reserve Bank of India. The penalty was imposed by the Reserve Bank of India for violating banking rules. It is clear from this that at present the Reserve Bank of India is taking strict action if it violates the banking rules. Therefore, all financial institutions in India have to abide by the banking rules to avoid fines.

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