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Syndicate Bank Penalized by RBI For Violation of KYC Norms

December 18, 2017

Syndicate Bank Penalized by RBI For Violation of KYC Norms

The Reserve Bank of India has imposed a fine of Rs. 5 crores on public sector Syndicate Bank for breaching the Know Your Customer (KYC)/Anti-Money Laundering (AML) norms.  However, this is not the first instance of a kind in the recent past.

A few days back, IndusInd Bank was fined Rs. 2 crores for the violation of asset recognition forms. Similar, Union Bank of India, Yes Bank, and IDFC Bank were also fined in the past few months the amounts Rs. 2 crores, Rs. 6 crores, and Rs. 2 crores respectively for different cases of norms’ violations.

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