RBI fines UCO Bank Rs 1 crore

MUMBAI (TIP): RBI has imposed Rs 1 crore penalty on UCO Bank for flouting its instructions relating to opening of current accounts and providing bill discounting facilities to account holders without any borrowing facility with the bank resulting in “siphoning off of funds”.

RBI had carried out an inspection of books of accounts, internal control, compliance system and processes at one of the UCO bank’s branches in May-June of 2015. On the basis of findings, a show-cause notice was issued to the bank for violation of certain regulations and instructions.

- Advertise Here Call +1 646 247 9458 -

Trending (48 Hours)

Donald Trump says he ‘didn’t even apologize’ to his wife, she...

WASHINGTON (TIP): Did US Republican Presidential candidate Donald Trump apologize to his wife after revelations he was involved in sexual assault ? His wife...
- Advertise Here Call +1 646 247 9458 -