Business / RBI imposes Rs 11 crore fine on 4 banks for non-compliance in Swift operations

ABP News : Mar 05, 2019, 11:34 AM
RBI imposed a Rs 4 crore penalty on Karnataka Bank, it slapped a fine of Rs 3 crore each on United Bank and Indian Overseas Bank. RBI has imposed a total monetary fine of Rs 11 crore on four banks Karnataka Bank, United Bank of India, IOB and Karur Vysya Bank for non-compliance of directions on Swift messaging software. RBI circular on time-bound implementation and strengthening of SWIFT-related operational controls.