RBI slaps Rs 5 lakh fine on UCO Bank for violating government bond holding norms

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Published: May 14, 2020 3:07:55 PM

The Reserve Bank of India has imposed a penalty of Rs 5 lakh on UCO Bank for bouncing of SGL forms, the bank said in a regulatory filing.

RBI, UCO bank, government bond, SGL forms, BSE, UCO Bank shares, SGL account, latest news on UCO bankUCO Bank shares were trading 1.26 per cent down at Rs?11.78 apiece on the BSE.

Public sector lender UCO Bank on Thursday said the Reserve Bank has imposed a penalty of Rs 5 lakh for violating norms on government bond holding.

The Reserve Bank of India has imposed a penalty of Rs 5 lakh on UCO Bank for bouncing of SGL forms, the bank said in a regulatory filing.

A subsidiary general ledger (SGL) account is maintained with the RBI for holding government securities and treasury bills in paperless form. The account is used for facilitating delivery and payment trades.

UCO Bank shares were trading 1.26 per cent down at Rs?11.78 apiece on the BSE.

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