trending Market Intelligence /marketintelligence/en/news-insights/trending/22PFK8Znq413XleU3wn8XA2 content esgSubNav
In This List

Indian central bank fines Syndicate Bank for rule violations

Blog

Managed Services Insights: The client lifecycle management solution

Blog

Technology & Automation Insights: Elevating KYC and onboarding efficiency

Blog

Banking Essentials Newsletter: May 15th Edition

Blog

Data Insights: Enhancing regulatory compliance and client lifecycle management.


Indian central bank fines Syndicate Bank for rule violations

India's central bank has imposed a 50 million Indian rupee penalty on Syndicate Bank Ltd. for its noncompliance with rules.

The Reserve Bank of India determined that the lender violated rules relating to check purchase and discounting, bill discounting and anti-money laundering following a probe, according to a Dec. 15 statement. Several Syndicate Bank branches came under scrutiny following a fraud incident reported at those locations.

As of Dec. 15, US$1 was equivalent to 64.09 Indian rupees.