Mumbai: The RBI has said that it has imposed a penalty of Rs 5.2 crore on three banks namely, Axis Bank, UCO Bank and Syndicate Bank.
A fine of Rs 2.2 crore has been imposed on Axis Bank for non-compliance with the circulars issued by RBI which prohibits crediting proceeds of a cheque to third-party accounts. Another offense pertains to classification of frauds. Uco Bank which is a Kolkata-based bank has also been fined for similar offenses.
Whereas, Syndicate Bank has been fined with an amount of Rs 1 crore for violation of guidelines related to checking frauds and managing risk.
While imposing the fines, RBI clearly mentioned that the action is base on deficiencies in regulatory compliance and is not questioning the validity of any transaction.