Breaches and incidents
Union Bank of India (India): RBI penalty for failing to reverse unauthorised electronic transactions on time
Exchange filing of 27 Mar 2026: RBI imposed a Rs 95,40,000 penalty.
- Disclosed
- Verification
- Checked against a primary source
What happened
- Exchange filing of 27 Mar 2026: RBI imposed a Rs 95,40,000 penalty. The bank did not credit (shadow reversal) the amount of unauthorised electronic transactions within 10 working days of customer notification, and did not provide a direct link on its website home page to report unauthorised electronic transactions. A third charge concerned automation of asset classification.
- Root cause: process failure in handling customer-reported fraud, per RBI.
- Attacker: not applicable.
- Response: the bank says it has taken preventive measures; impact “Not Significant”.