After SBI, this government bank was fined 1 crore, RBI gave information

RBI imposes 1 crore penalty: After RBI State Bank of India, RBI has taken major action on Union Bank. RBI has also imposed a fine of Rs 1 crore on Union Bank of India. The central bank has given information about this. An order in this regard was issued by the Reserve Bank on November 25. RBI said that the bank has been fined for violating the rules.

Assessment was done on 31st March
The central bank said the penalty was imposed for non-compliance with certain provisions of the Reserve Bank of India (Fraudulent-Classification and Reporting by Commercial Banks and Select Financial Institutions) Directions-2016 and guidelines relating to the sale of stressed assets for banks. Is. The central bank said that it had carried out the Statutory Inspection and Monitoring Assessment (ISE) with reference to the financial position of the bank as on March 31, 2019.

SBI was also fined
Let us tell you that earlier RBI had also imposed a fine of Rs 1 crore on the country’s largest state-run bank SBI. Information about this was given in an order issued on November 16, 2021. According to the central bank, a statutory oversight was carried out on the monitoring assessment of SBI between March 31, 2018 and March 31, 2019, with reference to the financial position. According to the order, examination of the risk assessment report, inspection report found violation of a provision of the Banking Regulation Act. SBI had pledged shares amounting to more than 30 per cent of the paid-up share capital of the companies in the case of borrower companies.

What will be the effect on customers?
After this RBI had issued show cause notice to SBI in this matter. The decision to impose penalty was taken after considering the bank’s reply. Let us tell you that this fine imposed on the bank will not affect the customers in any way. Their money and capital will be completely safe.

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