UCO Bank

RBI imposed a monetary penalty of Rs 38.60 lakh on UCO Bank for multiple compliance failures. The breaches related to savings deposit interest, locker rent refunds, and SHG credit information reporting.

UCO Bank must absorb the penalty and address the compliance gaps identified by RBI. The action does not itself restrict ongoing banking operations, but it signals supervisory concern over customer interest payments, locker rent practices, and SHG credit reporting obligations.

• section 47A(1)(c) read with section 46(4)(i) and 51(1) of the Banking Regulation Act, 1949
• section 25(1)(iii) read with section 23(4) of the Credit Information Companies (Regulation) Act, 2005

RBI imposed a monetary penalty of ₹2.683 crore on UCO Bank. The action followed multiple compliance lapses involving lending benchmarks, current and savings account opening, deposit handling, and fraud reporting.

UCO Bank must absorb the penalty and address the compliance gaps identified by RBI. The order itself does not impose an operational restriction, but it signals supervisory scrutiny and may be followed by further regulatory action if deficiencies persist. Customers and counterparties are not directly restricted by this release, though the underlying lapses concern lending, deposit accounts, unclaimed balances, and fraud reporting.

• section 26A of the Banking Regulation Act, 1949
• section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of BR Act

RBI has taken UCO Bank out of the Prompt Corrective Action framework restrictions. The move follows the bank’s improved position against PCA parameters and its commitment to continued compliance.

UCO Bank is no longer under PCA operational restrictions, but it must continue to comply with regulatory capital, net NPA, and leverage ratio norms and remain under RBI monitoring. The forward impact is a restoration of flexibility, with ongoing compliance obligations rather than a new constraint.

RBI imposed monetary penalties on eleven banks for delayed or non-reporting of frauds under its fraud classification and reporting directions.

The affected banks must absorb the monetary penalties and are put on notice for lapses in fraud reporting and regulatory compliance. The action has no stated withdrawal or operational ban, but it underscores expectations for timely fraud reporting to RBI going forward.

• Section 47A(1)(c)
• Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

This RBI action affected 11 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on four banks for non-compliance with KYC/AML directions and rules on opening current accounts. The penalties were levied after show-cause notices and hearings.

The four banks must absorb the penalty and continue operating, but the order records regulatory non-compliance. The action has no stated customer-level transaction invalidation, and RBI explicitly says it is not pronouncing on the validity of any transaction or agreement entered into with customers.

• Section 47A(1)(c)
• Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 4 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed a monetary penalty of ₹20 million on UCO Bank for regulatory non-compliance. The breaches related to account payee cheque collection rules and fraud reporting/classification directions.

UCO Bank must absorb the penalty and address the compliance deficiencies identified by RBI. The action does not invalidate customer transactions, but it signals heightened regulatory scrutiny over cheque collection practices and fraud reporting/classification going forward.

• Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949

RBI imposed a monetary penalty of ₹10 million on UCO Bank. The penalty relates to violations involving current account opening and bill discounting that resulted in siphoning of funds.

UCO Bank must absorb the monetary penalty and address the compliance gaps identified by RBI. The action has no stated operational restriction, but it signals regulatory findings on account-opening controls, bill discounting practices, and monitoring of fund movements involving customers with existing borrowing facilities elsewhere.

• Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on 13 banks for KYC/AML and related regulatory violations. The scrutiny also found issues around account monitoring, STR filing, and FEMA-related compliance.

The penalised banks must absorb the monetary penalties and address the compliance gaps identified by the RBI, particularly around KYC, transaction monitoring, STR reporting, and FEMA-related controls. The eight other banks named in the release were not penalised, but were advised to strengthen measures and periodically review compliance processes on an ongoing basis.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 21 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce for KYC/AML and related compliance violations. Eight other public sector banks were cautioned to strengthen controls.

The three penalised banks must absorb the monetary penalty and address the compliance gaps identified by RBI, especially around KYC/AML, transaction monitoring, RTGS controls, and FD/OD diligence. The eight cautioned banks face no monetary penalty in this release, but they are expected to strengthen controls and periodically review compliance processes going forward.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 11 entities. This profile is linked as bulk member.