The Reserve Bank of India (RBI) logo is displayed on a gate outside the central bank’s headquarters in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

RBI Slaps Penalties On Axis Bank, UCO Bank And Syndicate Bank

The Reserve Bank of India said it imposed a total penalty of Rs 2.2 crore on private sector lender Axis Bank Ltd. 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 a 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.

Also read: RBI Fines Three State-Run Banks Rs 1 Crore Each For Violating Fraud Reporting Norms