The Reserve Bank of India has imposed Rs 3 crore penalty on Union Bank of India for “non-compliance” with the directions on know your customer (KYC) norms in two separate cases. While the RBI has imposed a penalty of Rs 2 crore in one case, it slapped a Rs 1 crore penalty in the second case. “Based on reports related to a fraud in a bank, it conducted an examination of certain accounts in Union Bank of India, which had substantial transactions. Upon examination of the documents obtained in this regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with directions issued by RBI,” the RBI stated.
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