The Reserve Bank of India announced on Friday that it has fined UCO Bank Rs 2.68 crore for violations related to the opening of current accounts, interest rates on deposits, and the classification of frauds.
Additionally, Cent Bank Home Finance Ltd has been levied a penalty of Rs 2.1 lakh for failing to comply with certain Know Your Customer (KYC) directives. The RBI clarified that these penalties are imposed for regulatory non-compliance and do not pass judgment on the validity of any transactions or agreements between the entities and their customers.