Zee News : Mar 05, 2019, 11:10 AM
Reserve Bank of India has slapped a fine of Rs 1 crore on bank for non-compliance of directions on Swift messaging software. Has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls, Yes Bank said in regulatory filing. Swift is the global messaging software for transaction.Private sector lender Yes Bank Tuesday said the Reserve Bank of India has slapped a fine of Rs 1 crore on the bank for non-compliance of directions on Swift messaging software. "The Reserve Bank of India (RBI)... Has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls," Yes Bank said in a regulatory filing.Swift is the global messaging software used for transactions by the financial entities. Notably, the massive Rs 14,000 crore fraud at the Punjab National Bank (PNB) was a case of misuse of this messsaging software.Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kinds of transactions. On Monday, RBI had imposed a total monetary fine of Rs 8 crore on three banks - Karnataka Bank, United Bank of India and Karur Vysya Bank - for non-compliance of directions on Swift messaging software.