Top
Begin typing your search above and press return to search.
keyboard_arrow_down
Login
exit_to_app
Going beyond birthday celebration
access_time 18 Sep 2020 6:05 AM GMT
Periyar@142-Revolutionary and Visionary
access_time 17 Sep 2020 11:57 AM GMT
The word of caution from the highest court
access_time 17 Sep 2020 6:31 AM GMT
access_time 16 Sep 2020 5:58 AM GMT
access_time 15 Sep 2020 6:19 AM GMT
DEEP READAll arrow_drop_down
The ogres in the mind
access_time 8 Sep 2020 11:27 AM GMT
Why worry about populism?
access_time 4 Sep 2020 9:51 AM GMT
Media mind-set towards minorities
access_time 15 July 2020 4:29 PM GMT
exit_to_app
Homechevron_rightBusinesschevron_rightRBI slaps penalties on ...

RBI slaps penalties on Axis Bank, UCO Bank and Syndicate Bank

text_fields
bookmark_border
RBI slaps penalties on Axis Bank, UCO Bank and Syndicate Bank
cancel

Mumbai: The Reserve Bank of India (RBI) Tuesday said it has imposed a total penalty of Rs 2.2 crore on private sector lender Axis Bank in two separate cases.

A penalty of Rs 2 crore has also been imposed on UCO Bank and Rs 1 crore on Syndicate Bank for violation of norms.

The RBI said penalty of Rs 2 crore has been imposed each on Axis Bank and UCO Bank for non-compliance of norms related to payment through cheques.

In another case, a penalty of Rs 20 lakh has been imposed on Axis Bank for contravention of the directions related to detection and impounding of counterfeit notes.

The penalty on Syndicate Bank has been imposed for violation of guidelines related to checking fraud and managing risk.

The RBI, however, said the action on banks is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Show Full Article
TAGS:
Next Story