RBI Slaps Penalty on Syndicate Bank and Axis Bank

The Reserve Bank of India has slapped a Rs1-crore penalty on Syndicate Bank and Rs20 lakh on Axis Bank for violating norms. The penalty on Syndicate Bank is due to non-compliance with the directions regarding frauds and risk management systems. Axis Bank was fined for contravention of the directions on detection and impounding of counterfeit notes and installation of note sorting machines.

Source- The Hindu

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