The Reserve Bank of India (RBI) has imposed a penalty of.....on Syndicate Bank for non-compliance with its directions on Cheque Purchase or Discounting, Bill Discounting, and Know Your Customer (KYC) norms.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Reserve Bank of India (RBI) has imposed a penalty of____on Syndicate Bank for non-compliance with its directions on “Cheque Purchase or Discounting, Bill Discounting, and Know Your Customer (KYC)” norms.

A	Rs 50 crore
B	Rs 7 crore
C	Rs 10 crore
D	Rs 5 crore

Explanation:

Detailed explanation-1: -The Reserve Bank of India (RBI) has imposed, on December 12, 2017, a monetary penalty of ₹ 50 million on Syndicate Bank (the bank) for non-compliance with the directions/guidelines issued by RBI on cheque purchase/discounting, bill discounting, and Know Your Customer (KYC)/Anti-Money Laundering (AML) norms.

Detailed explanation-2: -Press Releases. The Reserve Bank of India (RBI) has, by an order dated November 16, 2021, imposed a monetary penalty of ₹1.00 Crore (Rupees One Crore only) on State Bank of India (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).

Detailed explanation-3: -RBI imposes monetary penalty on IndusInd Bank Ltd (the bank) for non-compliance with certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.

There is 1 question to complete.