Comments
Private sector lender Yes Bank on Tuesday said the Reserve Bank of India has slapped a fine of ₹ 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 ₹ 10 million (₹ 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 ₹ 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 ₹ 8 crore on three banks - Karnataka Bank, United Bank of India and Karur Vysya Bank - for non-compliance of directions on Swift messaging software.
Earlier on Saturday, four banks -- SBI, Union Bank of India, Dena Bank and IDBI -- had informed exchanges about monetary penalty slapped on them by the regulator for non-compliance with various directions.
Fine of ₹ 3 crore was imposed on Union Bank, ₹ 2 crore on Dena Bank, and ₹ 1 crore each on IDBI and the SBI.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.