This penalty has been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the violations of the instructions/ directions/guidelines issued by the Reserve Bank from time to time.
The Reserve Bank of India has imposed a monetary penalty of Rs.10 Million on UCO Bank for contravention of its instructions relating to opening of current account and providing bill discounting facilities to account holders without having any borrowing facility with the bank resulting in siphoning of funds.
This penalty has been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the violations of the instructions/ directions/guidelines issued by the Reserve Bank from time to time.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers.
This penalty has been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the violations of the instructions/ directions/guidelines issued by the Reserve Bank from time to time.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers.
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