The ban was introduced to improve cycle safety (GLENN COPUS )
The ban followed the death of cyclist Ying Tao, 26, who was crushed by a left-turning HGV at Bank as she rode to work in 2015.
Casualties have fallen by 52 per cent at the junction, and by 33 per cent in the wider area, according to the City Corporation.
Nicholas Lyes, RAC head of roads policy, said: “The fact that a penalty charge notice is on average being issued at a rate of one every 60 seconds suggests that signage in the lead-up to the junction is not clear enough.
Ying Tao, who was killed in a crash with a lorry at Bank (City of London Police)
"It may also be the case that some older satnav systems which have not been updated could still be sending unsuspecting drivers towards the junction.
“We’d urge the City of London to look carefully at signage because the sheer volume of PCNs [penalty charge notices] issued daily indicates many are being innocently caught out.
"On a positive note, however, it appears that the safety of all road users in and around the junction has improved.”
The figures, obtained under a Freedom of Information request, reveal that 210,182 tickets had been issued up until July 3. The ban on lorries, cars, taxis and vans is imposed from 7am to 7pm, Monday to Friday.
At its peak, almost 47,000 tickets were being issued a month, generating more than £1.75 million a month.Drivers pay £65 if the fines are paid within a fortnight.
More than 15,000 warning letters rather than fines were sent to drivers in the first fortnight of the scheme. The six-lane junction beside the Bank of England was the worst location in the City for road casualties. There has been only one serious injury since the ban.
A decision on whether to make the scheme permanent has been delayed until September 13. Funds raised from the fines are used for road maintenance or transport schemes.
A City of London spokeswoman said there had been an extensive awareness campaign and more than 100 road signs had been installed warning of the ban, in consultation with a signs expert.
She said: “The objective of the penalty charge notices is to act as a deterrent. Our end goal is to see 100 per cent compliance at the junction.”
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