RBI Imposes Rs 5 crore Penalty on Syndicate Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 crore on Syndicate Bank for non-compliance with its directions on “Cheque Purchase or Discounting, Bill Discounting, and Know Your Customer (KYC)” norms.

According to the RBI, the penalty was imposed after “considering the bank’s reply and oral submissions made in the personal hearing”.
Static/Current Takeaways Important for RBI Assistant Mains 2017 Exam-
  • Syndicate Bank MD & CEO- Melwyn Rego, Headquarters- Manipal.
Source- Business Standard