The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for violation of certain provisions including opening of current account, interest rate on deposits and fraud classification.
The RBI on Friday said it has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of its ‘Know Your Customer’ (KYC) directions.
Also Read: New FD Rules: Depositors may able to open fixed deposit FD for 20 years
The central bank said the fines in both the cases have been imposed for regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by these entities with their customers.
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