RBI Penalises Union Bank, RBL Bank, Bajaj Finance Over Non-Compliance
The Reserve Bank of India (RBI) said ₹1 crore penalty has been imposed on state-run Union Bank of India for contravention of its directions related to 'Loans and Advances – Statutory and Other Restrictions'.
Penalty of ₹8.5 lakh has been imposed on Bajaj Finance Ltd for non-compliance with the 'Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016'.