RBI Slaps Penalty On UCO Bank, Allahabad Bank, Bank of India

New Delhi: RBI has imposed penalty of Rs 2 crore each on Allahabad Bank and UCO Bank, and Rs 1 crore on Bank of India for violation of anti-money laundering norms. UCO Bank in a BSE filing said that the Reserve Bank has "imposed a penalty" of Rs 2 crore on it on account of "few lapses in adherence to KYC/AML guidelines". Bank of India too said the regulator has "imposed an aggregate penalty" of Rs 1 crore on it for "certain violati...