Meanwhile, RBI imposed an aggregate monetary penalty of Rs 64 lakh on RBL Bank. Rs 32 lakh for failure to obtain annual declaration in Form B from its major shareholder for financial years 2017-18, 2018-19 and 2019-20 and Rs 32 lakh for failure to furnish certificate regarding continuance of the ‘fit and proper' status of the major shareholder to RBI by the end of September of the said three financial years.

RBL Bank stated that this action is based on the deficiencies in regulatory compliance observed relating to the period FY 2017-18 to FY 2019-20. As soon as the subject deficiencies were highlighted, the bank strengthened its internal processes and procedures around these aspects to ensure that such incidents do not recur, it added.

The Reserve Bank of India (RBI) has imposed penalty of Rs 8.5 lakh for delay in reporting of frauds under paragraph 1 (iv) and 1 (v) of Chapter lV of monitoring of frauds in NBFCs (Reserve Bank) Directions, 2016 for the financial year 2021-22.

Union Bank of India is engaged in the business of treasury operations, corporate and wholesale banking, retail banking operations and other banking operations. The Government of India held 83.49% stake in the bank as on 30 June 2023.

RBL Bank is one of India's leading private sector banks with an expanding presence across the country. The bank offers specialized services under five business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations.

Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services.

Shares of Union Bank of India closed 0.87% lower at Rs 102.85, RBL Bank declined 0.18% to end at Rs 246.35 while Bajaj Finance rose 0.44% to settle at Rs 8,049.70 on Friday, 13 October 2023.