Fincl Intelligence Unit-India fines Union Bk for reporting errors in 2011-14
This story was originally published at 13:20 IST on 16 April 2025
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NEW DELHI – Union Bank of India on Wednesday said it has been fined INR 3.70 million by Financial Intelligence Unit-India for discrepancies in the reporting of suspicious transactions from more than a decade ago. The lender told exchanges in a filing that the discrepancies were observed "in a matter for the year 2011 to 2014".
According to the public sector bank, there is no significant impact on it, and it has taken "necessary preventive measures to avoid recurrences of such non-compliances". Union Bank did not provide any details on the precise nature of the suspicious transactions and the discrepancies in their reporting.
Shares of Union Bank were at INR 125.65 on the National Stock Exchange at 1315 IST, up 2.6% from Tuesday. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Siddharth Upasani
Edited by Avishek Dutta
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