RBI imposes â¹5 crore penalty on Syndicate Bank
The RBI has imposed a penalty of â¹5 crore on Syndicate Bank for violating the directions issued on cheque purchase, bill discounting, and Know Your Customer (KYC) norms. RBI said the penalty was imposed after "considering the bank's reply and oral submissions made in the personal hearing". Earlier, RBI had penalised Union Bank â¹3 crore for non-compliance of KYC norms.