Syndicate Bank

RBI imposed a ₹75 lakh penalty on Syndicate Bank for non-compliance with directions on fraud reporting and housing loan disbursal. The bank was found to have breached RBI instructions after a show-cause process.

Syndicate Bank is required to absorb the monetary penalty, and the action serves as a regulatory sanction for past non-compliance. There is no indication in this release of a new operational restriction, but the bank is on notice to ensure future compliance with RBI's fraud-reporting and housing-loan directions.

• Section 47A(1)(c) of the Banking Regulation Act, 1949
• Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed a ₹10 million penalty on Syndicate Bank for non-compliance with RBI directions on fraud reporting and risk management. The action was taken under the Banking Regulation Act, 1949.

Syndicate Bank must absorb the monetary penalty and address the compliance deficiencies identified by RBI, particularly in fraud classification/reporting and risk management systems. The action does not impose a direct operating restriction, but it signals heightened regulatory scrutiny of the bank's internal controls and compliance framework.

• Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949

RBI imposed a ₹50 million penalty on Syndicate Bank for violating its directions on cheque/bill discounting and KYC/AML norms. The action followed scrutiny of branches after a reported fraud.

Syndicate Bank must absorb the penalty and address the compliance gaps identified by RBI, especially around cheque/bill discounting controls and KYC/AML procedures. The action does not itself restrict operations, but it signals supervisory concern and may invite closer future scrutiny of the bank's branches and controls.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on 13 banks for KYC/AML and related regulatory violations. The scrutiny also found issues around account monitoring, STR filing, and FEMA-related compliance.

The penalised banks must absorb the monetary penalties and address the compliance gaps identified by the RBI, particularly around KYC, transaction monitoring, STR reporting, and FEMA-related controls. The eight other banks named in the release were not penalised, but were advised to strengthen measures and periodically review compliance processes on an ongoing basis.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 21 entities. This profile is linked as bulk member.