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RBI imposes penalty on Syndicate Bank

The Reserve Bank of India has imposed a penalty of Rs 5 crore on Syndicate Bank for non-compliance with its directions on various issues. These include cheque purchase or discounting, bill discounting and KYC norms. RBI said the penalty was imposed on 12 December after considering the bank’s reply and oral submissions made in the personal hearing. It added that the 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.

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