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Union Bank of India

Mumbai, India

The Reserve Bank of India fined Union Bank of India ₹3,08,795 for contraventions involving counterfeit and mutilated currency notes, along with a shortage of currency found during an RBI inspection. The bank received the penalty order on Aug 17, 2026. Union Bank of India disclosed the action in a stock exchange filing on Aug 18, 2026, citing compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations.

The bank stated the financial impact of the order is not significant. It added that preventive measures have been implemented to avoid recurrences. The filing was signed by Ashish Mishra, Company Secretary.

Implications
  1. Demonstrates ongoing RBI supervisory vigilance over operational compliance at Indian banks
  2. Low relevance to BaaS industry but signals active enforcement environment
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