News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Latest Circulars »
 Acquisition of financial assets by Asset Reconstruction Companies from sponsors and lenders
 RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”
 Exim Bank's Government of India supported Line of Credit (LOC) of USD 500 million to the Government of Bangladesh
 Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019
  Application for initiation of corporate insolvency resolution process against Dewan Housing Finance Corporation Limited filed under the Insolvency and Bankruptcy Code, 2016
 RBI-Auction of Government of India Dated Securities December 02, 2019
 Application for initiation of corporate insolvency resolution process against Dewan Housing Finance Corporation Limited filed under the Insolvency and Bankruptcy Code, 2016
  Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 - Amendment
 Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 - Amendment
 RBI-Fiscal Federalism: Ideology and Practice
 RBI announces the Framework on Currency Swap Arrangement for SAARC countries for the period 2019 to 2022

Reserve Bank of India imposes monetary penalty on UCO Bank
February, 07th 2019

The Reserve Bank of India (RBI) has imposed, by an order dated January 29, 2019, a monetary penalty of 20 million (Rupees Twenty Million) on UCO Bank (the bank) for non-compliance with Circular on ‘Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account’ dated January 22, 2014 and Master Directions on ‘Frauds – Classification and Reporting by commercial banks and select FIs’ dated July 01, 2016 issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

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 with its customers.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/1856

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting