The Reserve Bank of India (RBI) on Friday announced penalties on Union Bank of India and Transactree Technologies for not following certain regulatory rules.
Union Bank of India has been fined Rs 63.6 lakh for not complying with some parts of the Banking Regulation Act, 1949, and for not following RBI’s directions related to ‘Credit Flow to Agriculture – Collateral-free Agricultural Loans,’ the RBI said.
In a separate statement, the RBI said Transactree Technologies Pvt Ltd, also known as ‘Lendbox,’ has been fined Rs 40 lakh. This was for failing to comply with rules under the ‘Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017.’
The RBI clarified that these penalties were imposed because of regulatory lapses. The fines are not meant to judge the validity of any deals or agreements these companies have made with their customers.
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