RBI penalises Axis, UCO, Syndicate Bank over non-compliance

The RBI on Tuesday said it has imposed a total penalty of ₹2.2 crore on private lender Axis Bank in two separate cases. A penalty of ₹2 crore has also been imposed on UCO Bank and ₹1 crore on Syndicate Bank for violation of norms. The action won't have any material impact on the banks, the central bank added.