RBI imposes Rs 3 crore fine on Union Bank of India

Reserve Bank (Rbi) has imposed a fine of Rs. 3 crore on public sector Union Bank of India in two separate cases. The central bank said today that one case is to withdraw large amounts of funds from certain selected accounts and the other is related to the media reports of fraud in the bank.  In the first case, a fine of one crore rupees and another has been imposed of two crore rupees. He said that in both cases the bank has violated the guidelines issued on 'Know Your Customer' (K.Y.C.). Both the fines were imposed on July 26, whose information was given to Rbi. Has given today. He said that the fines have been imposed for violation of the rules and no transaction has been given an illegal contract.