RBI Imposes Over Rs 2 Crore Penalties on UBI,Central Bank, BoI, Pine Labs for Regulatory Violations
In March 2026, the Reserve Bank of India (RBI) imposed monetary penalties exceeding Rs 2 crore on Union Bank of India (UBI), Central Bank of India, Bank of India (BoI) and Pine Labs Limited for non-compliance with regulatory directions.
Key Details:
Legal Provision: The penalties were imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
Individual Fines: The RBI imposed a penalty of Rs 95.40 lakh on Union Bank of India (UBI), Rs 63.60 lakh on Central Bank of India, Rs 58.50 lakh on Bank of India (BoI), and Rs 3.10 lakh on Pine Labs Limited.
In March 2026, the Reserve Bank of India (RBI) imposed monetary penalties exceeding Rs 2 crore on Union Bank of India (UBI), Central Bank of India, Bank of India (BoI) and Pine Labs Limited for non-compliance with regulatory directions.
Key Details:
Legal Provision: The penalties were imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
Individual Fines: The RBI imposed a penalty of Rs 95.40 lakh on Union Bank of India (UBI), Rs 63.60 lakh on Central Bank of India, Rs 58.50 lakh on Bank of India (BoI), and Rs 3.10 lakh on Pine Labs Limited.
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