Syndicate Bank

For Asset Classification Violation RBI Penalized Syndicate Bank & Lakshmi Vilas Bank

"The Reserve Bank of India (RBI) has, by an order dated October 14, 2019, imposed monetary penalty of Rs 1 crore on Lakshmi Vilas Bank Ltd for non-compliance with certain provisions of directions issued by RBI on 'Income Recognition and Asset Classification (IRAC) norms," RBI said in a release.