UCO Bank - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Sat, 31 Aug 2024 04:10:24 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png UCO Bank - Rightsofemployees.com https://www.rightsofemployees.com 32 32 RBI imposed a huge fine on this bank, it was violating the rules, do you also have an account in it? https://www.rightsofemployees.com/rbi-imposed-a-huge-fine-on-this-bank-it-was-violating-the-rules-do-you-also-have-an-account-in-it/ Sat, 31 Aug 2024 04:28:28 +0000 https://www.rightsofemployees.com/?p=32536 The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for violation of certain provisions including opening of current account, interest rate on deposits and fraud classification. The RBI on Friday said it has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Ltd […]

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]]> The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for violation of certain provisions including opening of current account, interest rate on deposits and fraud classification.

The RBI on Friday said it has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of its ‘Know Your Customer’ (KYC) directions.

Also Read: New FD Rules: Depositors may able to open fixed deposit FD for 20 years

The central bank said the fines in both the cases have been imposed for regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by these entities with their customers.

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]]> Finance Ministry issued new order to these banks, do you also have an account? https://www.rightsofemployees.com/finance-ministry-issued-new-order-to-these-banks-do-you-also-have-an-account/ Mon, 20 Nov 2023 08:28:18 +0000 https://www.rightsofemployees.com/?p=24735 The Finance Ministry has issued a new order regarding banks. These instructions have been issued to protect against cyber crimes (cyber security). Keeping in mind the recent incident in UCO Bank, public sector banks have been asked to review the systems and processes related to their digital operations. According to sources, the Ministry has advised banks […]

The post Finance Ministry issued new order to these banks, do you also have an account? first appeared on Rightsofemployees.com.

]]> The Finance Ministry has issued a new order regarding banks. These instructions have been issued to protect against cyber crimes (cyber security).

Keeping in mind the recent incident in UCO Bank, public sector banks have been asked to review the systems and processes related to their digital operations. According to sources, the Ministry has advised banks to check the strength of their cyber security and take measures to strengthen it.

Sources said banks should keep a close watch and be prepared for future cyber threats. Amidst the increasing digitalization in the financial sector, the Finance Ministry and the Reserve Bank of India (RBI) have been making banks aware about this at regular intervals. Last week, Rs 820 crore was wrongly transferred to the accounts of some people through Immediate Payment Service (IMPS) in public sector UCO Bank.

Operation is done by NPCI

The IMPS platform is operated by National Payments Corporation of India (NPCI). Money can be transferred instantly between two banks through IMPS. You do not have to wait after transferring money through IMPS.

UCO Bank is making recovery

UCO Bank has told the stock market that it took proactive steps and froze the accounts of the payees and out of Rs 820 crore, Rs 649 crore has been recovered. This is about 79 percent of the total amount sent incorrectly. However, UCO Bank has not yet clarified whether this technical glitch was due to human error or a ‘hacking’ attempt.

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