RBI Imposes Penalties on UCO Bank and Cent Bank Home Finance Ltd [Current Affairs]
The Reserve Bank of India (RBI) has levied penalties on two financial entities for regulatory non-compliance. UCO Bank has been fined Rs 2.68 crore for violating provisions related to current account openings, deposit interest rates, and fraud classification. Meanwhile, Cent Bank Home Finance Ltd faces a Rs 2.1 lakh penalty for failing to adhere to Know Your Customer (KYC) regulations. The RBI clarified that these penalties are imposed for regulatory compliance issues and do not impact the validity of transactions or agreements between the banks and their customers.
Penalty on UCO Bank
Amount: Rs 2.68 crore
Reasons: Violations concerning current accounts, interest rates on deposits, and fraud classification.
Penalty on Cent Bank Home Finance Ltd
Amount: Rs 2.1 lakh
Reasons: Non-compliance with KYC regulations.
Key Points About UCO Bank
Founded: 1943
Headquarters: Kolkata, India
Type: Public sector bank
Ownership: Government of India holds a majority stake
Services: Offers a range of banking services including retail banking, corporate banking, and treasury operations
Branches: Operates across India with a network of branches and ATMs
Tagline: “Honour, Integrity, and Excellence”
Key Focus: Financial inclusion, digital banking, and customer service
Source: currentaffairs by adda247
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