Tag: UCO BANK

RBI fines UCO Bank over fraud reporting

| Sreejiraj Eluvangal

The Reserve Bank of India has fined the UCO Bank for discrepancies in complying with the central bank’s norms on classifying and reporting frauds and on collection of account payee instruments, the bank said. “..the Reserve Bank of India..under the Banking Regulation Act, 1949 imposed a penalty of Rs 2.00 crore for non-compliance of instructions […]

SBI’s new minimum balance rule leaves OBC, UCO and PSB as only ‘free’ banks in India

| Sreejiraj Eluvangal

With the country’s largest bank, State Bank of India, refusing to rollback service charges for customers who do not maintain a minimum balance in their accounts, only Oriental Bank of Commerce, UCO Bank and Punjab & Sind Bank remain as ‘free’ providers of savings bank services, according to an analysis of RBI data. SBI said […]