RBI Imposes Rs 2.7 Crore Penalty On UCO Bank For 'Non-Compliance'

The Reserve Bank of India imposed a penalty of Rs 2.68 crore on UCO Bank on Friday for alleged non-compliance with certain directions issued by the central bank. The fine was based on findings from a statutory inspection of the public sector bank's financial position as of March 31, 2022, according to an exchange filing.

The penalty has been imposed under the provisions of the Banking Regulation Act, it said.

UCO Bank has taken the necessary preventive measures to avoid a recurrence of such instances in the future. "We inform that imposition of monetary penalty has no material impact on the operations of the bank."

Shares of UCO Bank closed 0.18% higher at Rs 51.02 apiece on the BSE, compared to a 0.28% advance in the benchmark Sensex.