INSUBCONTINENT EXCLUSIVE:
has imposed separate monetary penalties on three lenders -- UCO Bank, Axis Bank and Syndicate Bank -- over deficiencies in complying with
different regulatory norms.The central bank imposed a penalty of Rs 2 crore each on UCO Bank and Axis Bank for non-compliance with its
circular on 'Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account' and Master Directions on
'Frauds - Classification and Reporting by commercial banks and select FIs'.In addition, a separate penalty of Rs 20 lakh was imposed on Axis
Bank for contravention of the directions contained in 'Master Circular on Detection and Impounding of Counterfeit Notes' and, the 'Circular
on Sorting of Notes - Installation of Note Sorting Machines'.In another statement, the RBI said it has imposed a penalty of Rs 1 crore on
government-owned Syndicate Bank for non-compliance with the directions contained in 'Master Circular on Frauds - Classification and
Reporting' and 'Circular on Risk Management Systems in Banks'.
