The RBI has imposed a penalty of Rs. 3 crore on state-owned Union Bank of India for “non-compliance” with the directions on Know Your Customer (KYC) norms.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Important Takeaways from Above News-
- The Headquarters of Union Bank of India is in Mumbai.
- Its MD & CEO of Union Bank of India is Rajkiran Rai G.
Source- The Hindu Business Line