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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

Reserve Bank of India. (Photo: AFP)

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.

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

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