RBI PENALISES AXIS BANK, UCO BANK AND SYNDICATE BANK OVER COMPLIANCE ISSUE

RBI penalises Axis Bank, UCO Bank and Syndicate Bank over Compliance Issue

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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. 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.

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