Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs 50 million on Syndicate Bank in the exercise of powers conferred under Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
The Bank has taken/ is taking necessary preventive measures/comprehensive action plans to avoid such recurrence.
Though the amount of penalty is not material to the size of the Bank, reporting is done in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Syndicate Bank is one of the oldest and major commercial banks of India.
