Penalty imposed by RBI for Delay in reporting fraud by Union Bank of India

By | September 7, 2018
(Last Updated On: September 8, 2018)

Date : Sep 07, 2018

Reserve Bank of India imposes monetary penalty on Union Bank of India

The Reserve Bank of India (RBI) has, on August 30, 2018, imposed a monetary penalty of ₹ 10 million on Union Bank of India (the bank) for contravention of instructions contained in Master Circular on Fraud – Classification and Reporting issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 taking into account delay on the part of the bank to detect and report fraud in an account.

Anirudha D. Jadhav
Assistant Manager

Press Release: 2018-2019/585

Direct Taxes Ready Reckoner
Service Tax Ready Reckoner
Company Law Ready Reckoner
tax deduction at source
New Books Released on Tax , GST and law

Leave a Reply

Your email address will not be published. Required fields are marked *