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Union Bank of India, on Friday, said the Reserve Bank of India has imposed a ₹1-crore penalty on the bank for delay in detection and reporting of fraud.
In a stock exchange notice, the public sector bank said the RBI had issued a show cause notice on January 15, 2018, calling upon the bank to explain why penalty should not be imposed under the Banking Regulation Act. The bank submitted its written reply on February 1.
The bank’s representatives made oral submissions during the personal hearing on April 18 before the RBI’s committee of Executive Directors.
“The reply, as well as oral submission made by the bank in the personal hearings, and also additional documents furnished, have not been found adequate by the RBI, leading to the imposition of ₹1-crore penalty,” Union Bank said in the notice.
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