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Indian central bank fines 2 lenders for noncompliance

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Indian central bank fines 2 lenders for noncompliance

The Reserve Bank of India has fined Lakshmi Vilas Bank Ltd. and Syndicate Bank Ltd. for not complying with directions issued to the two lenders.

The central bank fined Lakshmi Vilas Bank 10 million rupees for failing to comply with its income recognition and asset classification norms, according to an Oct. 14 release.

Meanwhile, Syndicate Bank was fined 7.5 million rupees for not complying with the central bank's directions on fraud reporting and disbursal of hosuing loans, according to a separate same-day release.

As of Oct. 14, US$1 was equivalent to 71.25 Indian rupees.