UCO Bank  RBI imposes Rs 2.68 crore on UCO Bank
News Updates

RBI imposes Rs 2.68 crore penalty on UCO Bank

RBI imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification

PTI

New Delhi: Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification.

PSU Watch is now on Whatsapp Channels. Click here to join

The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of Know Your Customer (KYC) directions.

In both cases, the central bank said penalties are based on regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

IOC to get Rs 14,486 cr compensation; revenue to be recognised over 12 months

Power Grid observes Vigilance Awareness Week across India

Titagarh Rail Systems bags Rs 2,481 crore order from MMRDA for Mumbai Metro Line 5

Abhishek Swami is set to be next Director (Finance) of MRVC

Amit Yadav (IAS) assigned additional charge as Secretary of DEPwD