News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Latest Circulars »
 15 LPA-Opening Urgent Requirement - Audit Managera
 Notification No.81/2019 Central Board Of Indirect Taxes And Customs
 RBI panel for maximum of two-layered core investment companies by 2021
 RBI releases the Report of the Working Group to Review the Regulatory and Supervisory Framework for Core Investment Companies
 Guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Material Risk Takers and Control Function staff
 RBI-Auction of Government of India Dated Securities November 04, 2019
 Notification No. 49/2019 ­ Central Tax
 Notification No. 79/2019 Central Board of Indirect Taxes and Customs
  Master Circular - Disbursement of Government Pension by Agency Banks
 Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies
 Reserve Bank of India imposes monetary penalty on Bandhan Bank Limited

Reserve Bank of India imposes monetary penalty on UCO Bank
February, 07th 2019

The Reserve Bank of India (RBI) has imposed, by an order dated January 29, 2019, a monetary penalty of 20 million (Rupees Twenty Million) on UCO Bank (the bank) for non-compliance with Circular on ‘Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account’ dated January 22, 2014 and Master Directions on ‘Frauds – Classification and Reporting by commercial banks and select FIs’ dated July 01, 2016 issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/1856

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions