RBI imposes â¹3 crore penalty on Union Bank of India
The RBI said it has imposed a â¹3 crore penalty on state-owned Union Bank of India for "non-compliance" of Know Your Customer (KYC) norms in two separate cases. After examining reports related to fraud in the bank, RBI imposed â¹2 crore penalty while another â¹1 crore penalty is related to a complaint regarding "huge cash withdrawals in certain accounts".