Mumbai Dec 15 (IANS) 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 on December 12 2017 after "considering the bank s reply and oral submissions made in the personal hearing".
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers " the RBI said in a statement on Friday.
--IANS
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