RBI Imposes Penalty On Axis Bank, UCO Bank and Syndicate Bank

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    On Tuesday, the Reserve Bank of India (RBI) said that private sector lender Axis Bank has been slapped with a penalty of Rs. 2.2 crore in two separate cases. Further for violation of norms, Rs. 2 crore penalty has been imposed on UCO Bank and Rs. 1 crore on Syndicate Bank.

    RBI Imposes Penalty On Axis Bank, UCO Bank and Syndicate Bank
     

    Rs. 2 crore penalty each on Axis Bank and UCO Bank has been slapped in lieu of non-adherence to norms in relation to payment via cheques.

    Further, another Rs. 20 lakh is being imposed as penalty on Axis Bank for contravention of the guidelines pertaining to impounding and detection of fake currency notes.

    In the case of Syndicate Bank, penalty has been imposed for violation of directions related to managing risk and checking fraud.

    However, the action taken on banks is due to deficiencies in regulatory compliance and is not intended at pronouncing upon the validity of any agreement or transaction which the banks enter into with its customers.

    GoodReturns.in

    Story first published: Wednesday, February 6, 2019, 13:23 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more