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RBI imposes penalty of Rs 3 crore on Union Bank of India

Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on Union Bank of India for delay in adherence to its directives on ‘Time bound implementation and strengthening of SWIFT related controls’ contained in the RBI circular of February 20, 2018.

The Bank has taken necessary measures to implement and strengthen SWIFT-related operational controls and to ensure strict compliance of RBI directions in this regard.

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.