look news india
RBI fines UCO Bank: The Reserve Bank of India (RBI) keeps taking action against banks from time to time for violating the rules. Now RBI has imposed a fine of 2.68 crores on UCO Bank for violating some rules including opening current account, deposit interest rate and fraud classification. RBI said on Friday that the bank has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Limited for not following some provisions of 'Know Your Customer' (KYC) rules.
Penalty imposed for not following the rules
The central bank said that in both the cases, the fine has been imposed for not following the prescribed rules. Its purpose is not to question the validity of any transaction or agreement made by these units with their customers. Shares of public sector UCO Bank saw a slight rise on Friday and closed at Rs 51.02. During trading, the stock reached a high of Rs 51.69. During this period, the stock also touched a low of Rs 50.80.
The stock came down after reaching Rs 70.66
Talking about the 52-week high of the stock, the stock reached Rs 70.66 on February 8, 2024. Similarly, on September 1, 2023, the stock was at the level of Rs 30.35, which is its 52-week low. In the June quarter, UCO Bank's net profit increased by 147 percent year-on-year to Rs 551 crore. In the same quarter last year, the bank's profit was Rs 223 crore. On an annual basis, the total turnover of the bank increased by 11.46 percent to Rs 4,61,408 crore.
In the first quarter of the financial year 2024-25, April-June, the deposits increased to Rs 2,68,155 crore on an annual basis. During this period, the bank's NPA also declined and it came down by 1.16 percent to 3.32 percent. Apart from this, net NPA came down by 0.40 percent to 0.78 percent.
