The UCO Bank said that they have been imposed a Rs 2.68 crore penalty from the Reserve Bank of India for contravention of certain provisions, which includes an opening of current accounts, frauds classifications, and interest rate on deposits. 

Moreover, the RBI also slapped a Rs 2.1 crore penalty on Cent Bank Home Finance Ltd for non-compliance with certain provisions of Know Your Customer (KYC) directions.

The central bank clarified that penalties imposed on entities are strictly related to regulatory compliance issues and do not reflect on the legality or validity of any transactions or agreements the entities have with their customers.

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