RBI slaps Rs 10 lakh penalty on Union Bank of India
16th Jul 2019

The Reserve Bank of India (RBI) has imposed a penalty of Rs 10 lakh on Union Bank of India for non-compliance with the directions on cybersecurity framework. The action (imposition of penalty) is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.