Case Brief
What Happened
By an order dated October 14, 2019, RBI imposed a monetary penalty of ₹75 lakh on Syndicate Bank under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949. The penalty was levied because the bank did not comply with RBI directions on Frauds Classification and Reporting and on Housing Sector: Innovative Housing Loan Products, including the requirement relating to upfront disbursal of housing loans. RBI said the deficiencies were established after examining the bank's reply and hearing submissions.