RBI slaps Rs 5 lakh fine on UCO Bank for violating govt bond holding norms
Public sector lender UCO Bank on Thursday said the Reserve Bank has imposed a penalty of Rs 5 lakh for violating norms on government bond holding
New Delhi: Public sector lender UCO Bank on Thursday said the Reserve Bank has imposed a penalty of Rs 5 lakh for violating norms on government bond holding.
The Reserve Bank of India has imposed a penalty of Rs 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 percent down at Rs 11.78 apiece on the BSE.
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The bad bank or NARCL will pay up to 15 percent of the agreed value for the loans in cash and the remaining 85 percent would be government-guaranteed security receipts