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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.