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The Economic Times

Uco Bank IMPS issue: Slim chance of full recovery this fiscal, says bank MD

Uco Bank is struggling to recover the full Rs 820 crore mistakenly transferred to various account holders. So far, it has managed to reclaim about 90% of the amount. The bank's chairman, Aswaini Kumar, indicated that recovering the remaining Rs 88 crore by the fiscal year-end seems unlikely.

Business Standard

RBI imposes penalty of Rs 2.68 cr on UCO Bank violation of provisions

Reserve Bank of India on Friday said it has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of Know Your Customer (KYC) directions. In both cases, the central bank said penalties are based on regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

The Economic Times

RBI imposes Rs 2.68 cr penalty on UCO Bank

The Reserve Bank of India has levied penalties on two banks: Rs 2.68 crore on UCO Bank for violating rules on current accounts, interest on deposits, and fraud classification, and Rs 2.1 lakh on Cent Bank Home Finance Ltd for not complying with KYC regulations. These penalties underline regulatory compliance without affecting the validity of customer transactions.

The Economic Times

PSU banks raise loan rates as deposit costs rise

BoB and Canara Bank have increased their lending rates by 5 basis points on six-month and one-year tenures with effect from August 12. UCO Bank, too, has raised its lending rates by 5 bps, effective from August 10. One bps is 0.01 percentage point.

Business Standard

Bank of Baroda, Canara Bank, and UCO Bank hike MCLR by 5 basis points

UCO Bank reduces T-bill benchmark linked rates