RBI imposed 2.68 crore fine on UCO Bank

New Delhi| The Reserve Bank of India has imposed a fine of Rs 2.68 crore on UCO Bank for violation of certain provisions including opening of current accounts, interest rate on deposits and fraud classification. The central bank gave this information on Friday. RBI has also imposed a penalty of Rs 2.1 lakh on St Bank Home Finance Limited for non-compliance with certain provisions of the Know Your Customer (KYC) instructions. In both cases, the central bank stated that the penalties are based on regulatory compliance and are not intended to have any effect on the legality of any transaction or agreement entered into by entities with their customers.

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