New Delhi. The campaign of banks in India i.e. Reserve Bank of India (RBI) is going on against public sector banks for negligence in compliance with economic rules. In this episode, RBI has imposed a fine of Rs 1 crore on Union Bank of India today. Earlier, the blame of RBI had fallen on another state-run bank State Bank of India (SBI).
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In a statement issued today, the Reserve Bank of India (RBI) has stated that in accordance with the directions issued by RBI contained in the ‘RBI (Fraud-Classification and Reporting by Commercial Banks and Selected Financial Institutions) Directions 2016’ and ‘Guidelines on Sale of Stressed Assets’. The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on Union Bank of India for non-compliance of certain provisions. The Reserve Bank of India (RBI) in its statement after imposing a penalty of Rs 1 crore on Union Bank of India said that this action is based on deficiencies in regulatory compliance and the validity of any transaction or agreement entered into by the bank with its customers. But not intended to pronounce.
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Earlier, on Friday, November 26, the Reserve Bank of India had also imposed a fine of Rs 1 crore on State Bank of India (SBI) for deficiencies in regulatory compliance. In SBI’s case, RBI had stated that SBI has been fined for violation of sub-section (2) of section 19 of the Banking Regulation Act, 1949. It is to be noted that sub-section (2) of the Banking Regulation Act, 1949 states that no bank can hold, as pledgee or wholly proprietor, in any company an amount exceeding 30 per cent of the share capital of that company. In the same case, SBI violated the rules and more than 30 per cent of the amount was found to be mortgaged.
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