Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹20 million on UCO Bank by order dated January 29, 2019. The penalty was for non-compliance with RBI's circular on collection of account payee cheques and its Master Directions on fraud classification and reporting for commercial banks and select FIs. RBI said the action was taken under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, based on deficiencies in regulatory compliance.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date