RBI imposed monetary penalty on Union Bank of India
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The Reserve Bank of India has imposed a monetary penalty of Rs 1.66 lakh on Union Bank of India, the bank disclosed in a stock exchange filing on Saturday.
The penalty was levied due to discrepancies in the bank’s soiled note remittance to the RBI and instances of ATM cash-outs, according to the filing.
The bank stated that the penalty does not have any material impact on its financial, operational, or other activities. It also mentioned that necessary preventive steps have been taken to avoid similar issues in the future.
For the quarter ended March, Union Bank of India reported a 50.6% year-on-year increase in net profit, reaching Rs 4,985 crore. Click here to download Financial Results of all Banks in March 2025.
Net interest income rose marginally by 1% to Rs 9,514 crore, compared to Rs 9,437 crore in the same quarter last year. The net interest margin stood at 2.87%, slightly lower than 2.91% in the previous quarter.
