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RBI Imposes Penalties on Union Bank of India and Transactree Technologies for Regulatory Non-Compliance
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News
24 May 2025
1 min read
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The Reserve Bank of India (RBI) has levied monetary penalties on Union Bank of India and Transactree Technologies Pvt Ltd (operating as Lendbox) for violations of regulatory guidelines.
Union Bank of India has been fined â‚ą63.6 lakh for non-compliance with provisions of the Banking Regulation Act, 1949, and for failing to adhere to RBI directives concerning collateral-free agricultural loans.
In a separate action, Transactree Technologies Pvt Ltd, known as Lendbox, faces a penalty of â‚ą40 lakh for breaching norms outlined in the Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017.
The RBI clarified that these penalties are imposed due to regulatory lapses and are not intended to question the validity of any transactions or agreements made by the entities with their customers.
These enforcement actions underscore the RBI's commitment to ensuring strict adherence to regulatory standards within India's banking and financial technology sectors.
Reference: EconomicTimes
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