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RBI slaps ₹5 lakh fine on UCO Bank for violating govt. bond holding norms

Reserve Bank of India has imposed a penalty on UCO Bank for bouncing of SGL forms, the bank said in a regulatory filing.

May 14, 2020 03:41 pm | Updated 03:41 pm IST - New Delhi

PTI
A view of the UCO Bank branch in Kolkata. File

A view of the UCO Bank branch in Kolkata. File

Public sector lender UCO Bank on Thursday said the Reserve Bank has imposed a penalty of ₹5 lakh for violating norms on government bond holding.

The Reserve Bank of India has imposed a penalty of ₹5 lakh on UCO Bank for bouncing of SGL forms, the bank said in a regulatory filing.

A subsidiary general ledger (SGL) account is maintained with the RBI for holding government securities and treasury bills in paperless form. The account is used for facilitating delivery and payment trades.

UCO Bank shares were trading 1.26 per cent down at ₹11.78 apiece on the BSE.

Related Topics

banking / Reserve Bank of India

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