RBI said on Friday that it had conducted an inspection regarding the financial position of the bank as on March 31, 2023 and March 31, 2024. A show cause notice was issued to the bank after finding irregularities.
The Reserve Bank of India (RBI) has taken major action against Union Bank of India (UBI). A fine of Rs 63.60 lakh has been imposed on this bank for violation of regulatory instructions. RBI said on Friday that it had conducted an inspection regarding the financial position of the bank as on March 31, 2023 and March 31, 2024. During this, the bank found that the required amount was not transferred within the stipulated time limit to the Depositor Education and Awareness Fund (DEAF) in UBI. In violation of the guidelines for mortgage-free agri loans, the bank sought mortgage on agri loans up to Rs 1.60 lakh in some cases.
In view of these violations, RBI had issued a show cause notice to the bank. After considering the bank’s reply, additional clarification and arguments given in the personal hearing, it was decided that the rules had been violated. After this, this fine has been imposed on Union Bank of India. Earlier last week, the bank was fined Rs 1.66 lakh on issues related to sending dirty notes and discrepancies in withdrawing cash from ATMs.
Share status
Talking about the bank’s stock, it is at Rs 140.40. This stock closed 0.25% higher as compared to last Thursday. In June 2024, this stock went up to Rs 172.45. At the same time, in January 2025, this stock remained at the level of Rs 100.75. This is the 52-week high and low of the stock. Talking about the market capital of this government bank, it was Rs 1,07,175.82 crore.
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