Reserve Bank of India (RBI) has penalised UCO Bank, Axis Bank and Syndicate Bank for deficiencies in regulatory compliance.
The central bank of India imposed a penalty of INR20m each on Axis Bank and UCO Bank; and INR10m on Syndicate Bank.
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Indian banks fined: Details
In a statement, RBI said that Axis Bank and UCO Bank are fined due to non-compliance with the circular on ‘Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account’ and Master Directions on ‘Frauds – Classification and Reporting by commercial banks and select FIs’.
Syndicate Bank was penalised for failures with regard to the directions of Master Circular on Frauds – Classification and Reporting dated July 01, 2015 and Circular on Risk Management Systems in Banks.
Additionally, RBI slapped an additional INR2m fine on Axis Bank for breaching the regulations on Master Circular on Detection and Impounding of Counterfeit Notes and the Circular on Sorting of Notes – Installation of Note Sorting Machines.
“This action 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,” RBI added in the statement.
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By GlobalDataUCO Bank and Syndicate Bank are state-owned entities, while Axis Bank is a privately-owned lender operating in India.
