RBI New Action: RBI imposed fine on this government bank, know the reason

Talking about the stock of UCO Bank, it closed at Rs 51.02. The stock closed 0.18% higher than the previous day. The stock price was Rs 51.69 during trading.

The Reserve Bank of India (RBI) has imposed a fine of Rs 2.68 crore on UCO Bank for violating certain provisions including opening of current account, interest rate on deposits and fraud classification. RBI said that it has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Limited for non-compliance with certain provisions of KYC instructions. The central bank said that the fine in both the cases has been imposed for regulatory compliance and is not intended to question the validity of any transaction or agreement made by these units with their customers.

Status of UCO Bank stock

Talking about the stock of public sector UCO Bank, it closed at Rs 51.02. The stock closed 0.18% higher than the previous day. The stock price was Rs 51.69 during trading. The share price was Rs 70.66 on 8 February 2024. This is the 52-week high of the stock. The share price was Rs 30.35 on 1 September 2023. This is the 52-week low of the stock.

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June quarter results

UCO Bank’s net profit grew 147 per cent year-on-year to Rs 551 crore in the April-June quarter. The bank’s profit in the same quarter last year was Rs 223 crore. The bank’s total business grew 11.46 per cent year-on-year to Rs 4,61,408 crore, while gross advances grew 17.64 per cent to Rs 1,93,253 crore. Total deposits grew 7.39 per cent year-on-year to Rs 2,68,155 crore in the first (April-June) quarter of FY 2024-25. The bank was successful in reducing its gross non-performing asset (NPA) by 1.16 percentage points to 3.32 percent in April-June. At the same time, net NPA decreased by 0.40 percentage points to 0.78 percent.

Shareholding pattern

Talking about the shareholding pattern of UCO Bank, 95.39 percent stake is held by promoters. At the same time, 4.61 percent stake is held by public shareholders. In the promoter, the President of India has a total of 11,40,49,10,524 shares.

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