INSUBCONTINENT EXCLUSIVE:
RBI has imposed Rs one crore penalty on Union Bank of IndiaReserve Bank of India (RBI) has imposed a penalty of Rs one crore on Union Bank
of India for violating certain provisions related to sale of stressed assets and reporting of frauds.An inspection conducted by the RBI
the bank's failure to disclose provisioning for security receipts (SRs) in its annual report, the RBI said in a statement.This action is
based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement
violation of certain rules.
