RBI slaps fines on Axis, UCO and Syndicate over various compliance issues

The Reserve Bank of India (RBI) on Tuesday fined three banks for violating various rules set by the central bank. It fined Axis Bank on two separate counts, and Uco Bank and Syndicate Bank on one count each.

 

In a notification on its website, the central bank said Axis Bank did not comply with its rules on collection of account payee cheques and on classification and reporting of frauds. The central bank fined the bank Rs 2 crore. On another count, the central bank found the bank non-compliant with the rules on detection and impounding of counterfeit notes, and on installing note sorting machines. Axis Bank was fined Rs 20 lakh for this.

 

Uco Bank was fined Rs 2 crore for non-compliance on account payee cheques where classification and reporting of frauds was not adhered to. Syndicate Bank was also fined Rs 1 crore for non-compliance with the RBI’s classification and reporting of frauds.