India, May 23 -- The Reserve Bank of India (RBI) has, by an order dated May 23, 2025, imposed a monetary penalty of ?63.60 lakh (Rupees Sixty Three Lakh Sixty Thousand only) on Union Bank of India (the bank) for non-compliance with the provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act) and certain directions issued by RBI on 'Credit Flow to Agriculture - Collateral free Agricultural Loans'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 51(1) of the BR Act.
The Statutory Inspections for Supervisory Evaluation (ISE 2023 and 2024) of the bank was conducted by RBI with reference to its financial position as on March ...