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

Q: How long will it take to read this news story?

The story "RBI fines Union Bank ₹63.6L, Lendbox ₹40L for regulatory breaches" has 251 words across 10 sentences, which will take approximately 2 - 3 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "RBI fines Union Bank ₹63.6L, Lendbox ₹40L for regulatory breaches" was covered 8 hours ago by Business Standard, a news publisher based in India.

Q: How trustworthy is 'Business Standard' news outlet?

Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news. The outlet is headquartered in India and publishes an average of 314 news stories per day. It's most recent story was published 6 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #28926678</li><li>URL: https://smtp205.beamstart.com/news/rbi-fines-union-bank-636l-17480168885979</li></ul>

Business Standard Logo Business Standard 8h ago

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

Quick Summary:

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.

In another statement, it said a penalty of Rs 40 lakh has been imposed on Transactree Technologies Pvt Ltd (also referred to as 'Lendbox') for non-compliance with certain provisions of the 'Non-Banking Financial Company -- Peer to Peer Lending Platform (Reserve Bank) Directions, 2017'.

In both cases, the RBI said the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with its customers.