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RBI penalises Axis Bank, UCO and Syndicate over various compliance issues

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, says RBI

Press Trust of India  |  Mumbai 

RBI penalises Axis Bank, UCO and Syndicate over various compliance issues

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

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

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

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

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

The RBI, however, said the action on 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.

First Published: Tue, February 05 2019. 19:00 IST
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