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RBI imposes Rs 1 crore penalty on Union Bank of India

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The RBI has imposed a monetary penalty of Rs 1 crore on the Union Bank of India (UBI) for non-compliance with certain provisions of its directions relating to fraud classification and reporting and sale of stressed assets. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act).