Latest News - CBI searches 67 places in UCO bank case
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| UCO Bank |
The Central Bureau of Investigation (CBI), which is investigating the IMPS (Immediate Payment System) transaction scam in UCO Bank, has conducted searches in 67 locations in Rajasthan and Maharashtra. It is known that the bank officials complained that more than 41,000 UCO bank accounts were wrongly deposited in the bank accounts between November 10-13 last year. The value of the total funds deposited is Rs.820 crores.
The CBI found that more than 41,000 UCO Bank account holders had wrongly deposited funds through IMPS transactions from 14,600 account holders in 7 private banks. It is noteworthy that the money was deposited into the accounts of the UCO Bank account holders without the money being deducted from the bank accounts of the concerned persons. Thousands of new accounts are being opened in UCO Bank on the same dates when the money was mistakenly deposited in the bank accounts. Many have withdrawn the amounts deposited in their accounts. Also.
The CBI said on Thursday that 130 indictment documents, 40 mobile phones, two hard disks, and an internet dongle belonging to UCO Bank and IDFC were seized for forensic analysis in the raids conducted on Wednesday as part of the investigation of this case. It said that 30 suspects have been questioned.
UCO Bank, formerly United Commercial Bank, is one of the major public sector banks in India:
1/7. Establishment:
UCO Bank was established in 1943 in Kolkata, India. It was nationalized by the Government of India in 1969, along with 13 other major banks.
2/7. Ownership:
UCO Bank is a government-owned bank, with the majority of its shares held by the Government of India.
3/7. Services:
UCO Bank offers a wide range of banking and financial services to its customers, including retail banking, corporate banking, international banking, and treasury operations. It provides various loan products, deposit schemes, internet banking, mobile banking, and other financial products.
4/7. Branch Network:
UCO Bank has an extensive network of branches and ATMs across India, as well as overseas branches in countries like Singapore, Hong Kong, China, and Malaysia.
5/7. Financial Performance:
Like other banks, UCO Bank's financial performance is subject to various economic factors and regulatory changes. Its performance can be influenced by factors such as interest rates, inflation, economic growth, and regulatory policies.
6/7. Regulation:
As a public sector bank in India, UCO Bank is regulated by the Reserve Bank of India (RBI), which sets guidelines and regulations for banking operations in the country.
7/7. Challenges:
Like many other banks, UCO Bank faces challenges such as competition from private banks, asset quality issues, and the need to adapt to technological advancements in the banking sector.
Some additional details about UCO Bank:
1/7. Financial Products:
UCO Bank offers a variety of financial products and services tailored to the needs of its diverse customer base. This includes savings accounts, current accounts, fixed deposits, recurring deposits, loans (such as home loans, car loans, personal loans, and business loans), credit cards, debit cards, insurance products, and investment services.
2/7. International Presence:
In addition to its extensive domestic presence, UCO Bank has a significant international presence through its overseas branches and representative offices. These international operations facilitate trade finance, remittances, foreign exchange services, and other banking services for customers engaged in cross-border transactions.
3/7. Technology Adoption:
Like other banks, UCO Bank has been focusing on leveraging technology to enhance its operational efficiency, customer service, and product offerings. This includes the adoption of digital banking solutions, such as internet banking, mobile banking apps, and digital payment systems, to provide convenient and accessible banking services to customers.
4/7. Social Responsibility:
UCO Bank, as a responsible corporate citizen, engages in various social initiatives and corporate social responsibility (CSR) activities aimed at contributing to the welfare of society. These initiatives may include programs related to education, healthcare, environmental sustainability, and community development.
5/7. Risk Management:
UCO Bank, like any financial institution, is exposed to various risks inherent in the banking business, including credit risk, market risk, liquidity risk, and operational risk. The bank employs robust risk management practices and internal controls to identify, assess, monitor, and mitigate these risks effectively.
6/7. Governance and Compliance:
As a public sector bank, UCO Bank operates under the governance framework established by its board of directors and regulatory authorities. The bank adheres to relevant laws, regulations, and guidelines governing banking operations, corporate governance, risk management, and customer protection.
7/7. Performance and Recognition:
UCO Bank's performance is regularly evaluated based on financial metrics such as asset quality, profitability, capital adequacy, and efficiency ratios. The bank may receive recognition and awards for its performance, customer service, innovation, and CSR initiatives from time to time.