In addition, a separate penalty of Rs 20 lakh was imposed on Axis Bank for contravention of the directions contained in 'Master Circular on Detection and Impounding of Counterfeit Notes' and, the 'Circular on Sorting of Notes - Installation of Note Sorting Machines'. In another statement, the RBI said it has imposed a penalty of Rs 1 crore on the government-owned Syndicate Bank for non-compliance with the directions contained in 'Master Circular on Frauds - Classification and Reporting' and 'Circular on Risk Management Systems in Banks'.
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