Union Bank Of India Fined Rs 1.66 Lakh By RBI

The Reserve Bank of India has imposed a monetary penalty of Rs 1.66 lakh on Union Bank of India, the lender informed exchanges on Saturday.

This is because of the discrepancies observed in the bank's soiled note remittance to RBI and ATM cash out, the exchange filing said.

The impact on financial, operation or other activities of the bank is not significant, it said. The bank has taken necessary preventive measures to avoid recurrences of such instances, it said.

For the quarter ended March, Union Bank of India's net profit jumped 50.6% on year to Rs 4,985 crore.

Net interest income rose 1% to Rs 9,514 crore versus Rs 9,437 crore last year. Consequently, net interest margin was at 2.87% for the quarter ended March from 2.91% a quarter ago.