RBI fines Union Bank ₹63.6L, Lendbox ₹40L for regulatory breaches

The Reserve Bank of India (RBI) on Friday said it has imposed penalties on Union Bank of India and Transactree Technologies for non-compliance with certain regulatory norms.

A penalty of Rs 63.6 lakh has been imposed on Union Bank of India for non-compliance with the certain provisions of Banking Regulation Act, 1949 and certain directions on ‘Credit Flow to Agriculture — Collateral free Agricultural Loans’, the RBI said.