Union Bank Penalized for Reporting Discrepancies

The Financial Intelligence Unit (FIU) imposed a Rs 37 lakh penalty on Union Bank of India for discrepancies in reporting suspicious transactions from 2011 to 2014. Union Bank has taken preventive measures to prevent future non-compliance. Union Bank shares rose 1.88% to Rs 124.70 on BSE.

The Financial Intelligence Unit (FIU) has imposed a hefty Rs 37 lakh penalty on Union Bank of India. The penalty comes in response to discrepancies in the bank's reporting of suspicious transactions made between 2011 and 2014.

Union Bank communicated via a regulatory filing on Wednesday that it has implemented necessary preventive measures to avert the recurrence of such non-compliance issues in the future.

The news seemed to have a positive effect on the market, with Union Bank shares trading at Rs 124.70, marking a 1.88 percent increase from the previous close on the BSE.