Reserve Bank of India (RBI) imposes ₹2.20 crore penalties on Union Bank, Central Bank, Bank of India, Pine Labs

Exam-focused facts from the 31 March 2026 current affairs briefing.

Key facts

Reserve Bank of India (RBI) imposed penalties of ₹95.40 lakh on Union Bank of India, ₹63.60 lakh on Central Bank of India, ₹58.50 lakh on Bank of India, and ₹3.10 lakh on Pine Labs for regulatory non-compliance.
Union Bank of India failed to credit amounts related to unauthorised electronic transactions within 10 working days of notification as of 31 March 2025.
Bank of India violated Priority Sector Lending directions by levying ad hoc charges on loans up to ₹25,000 and not paying interest on some matured Term Deposit Receipts until repayment.
Central Bank of India breached KYC and Financial Inclusion norms concerning Basic Savings Bank Deposit Accounts.
Pine Labs issued full-KYC Prepaid Payment Instruments without completing proper KYC verification during July 2024–May 2025.