Axis Bank, considered the third largest of the private-sector banks in the country, was hit with two separate fines of USD 28,000 and USD 280,000, according to Banking Technology. One fine was issued because the Indian bank was in contravention of RBI’s directions concerning the detection and impounding of counterfeit notes; and for the sorting of notes and installation of note sorting machines. The second fine was for non-compliance with the collection of account payee cheques; and due to the prohibition on crediting proceeds to third party accounts.
UCO Bank was fined USD 280,000 for the same reasons as Axis’ second fine, the online publication continued. The bank, formerly United Commercial Bank, is government-owned. Syndicate Bank, a commercial bank, was fined USD 140,000 for non-compliance concerning the classification and reporting of frauds; and its risk management systems.
The RBI doesn’t go into any more specifics about these actual issues, Banking Technology added.
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