# Business

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

The Reserve Bank of India has imposed a penalty of Rs 5 lakh on UCO Bank for bouncing of SGL forms.

PTI | New Delhi | May 14, 2020 3:11 pm

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

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.

# Bengal

Bank vigilance awareness week

Vigilance Awareness Week was observed at UCO Bank Head Office and Salt Lake Zonal Office from 28 October to 3 November.

# Bengal

UCO bank’s Project Parivartan

Ashwani Kumar, MD & CEO,UCO Bank launched “Project Parivartan”, a major transformation initiative in the existing digital banking facilities offered by the Bank.

# Business

Parl panel to hold discussions with 4 public sector banks, insurance firms in Jan

Separate discussions will also be held with the five public sector insurance companies over their functioning and the country's insurance laws, the official said citing a document.