The Reserve Bank of India (RBI) has slapped a penalty of Rs. 3 crore on State-run lender Union Bank of India for non-compliance of Know Your Customer (KYC) norms in two separate cases. One of them was based on media reports related to a fraud in the bank, for which a penalty of Rs. 2 crore was imposed. In the other case, RBI said it received a complaint regarding huge cash withdrawals in certain accounts maintained with Union Bank of India, for which a penalty of Rs. 1 crore was imposed.
Read more at: The Hindu