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UCO Bank declines after RBI slaps penalty

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UCO Bank fell 1.76% to Rs 11.72 after the Reserve Bank of India (RBI) imposed a penalty of Rs 5 lakh on the bank for bouncing Subsidiary General Ledger (SGL) forms.

The announcement was made during market hours today, 14 May 2020. On the technical front, the stock's RSI (relative strength index) stood at 49.975. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 11.12 and its 200-day moving average (DMA) placed at 14.20.

UCO Bank, formerly United Commercial Bank is a commercial bank. The bank's segments include treasury, corporate/wholesale banking, retail banking and other banking operations. It offers personal banking, corporate banking, international banking and rural banking services.

As of 31 March 2020, the Government of India held 94.444% stake in the bank.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, May 14 2020. 12:54 IST
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