RBI slaps Rs 1 crore fine on Yes Bank for non-compliance in Swift operations

1 min read
RBI 1

New Delhi: Private sector lender Yes Bank 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.

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 Rs 3 crore was imposed on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI and the SBI.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)

Discover more from The Kashmir Monitor

Subscribe now to keep reading and get access to the full archive.

Continue reading

Don't Miss

ggg

Paradise calling: New survey says Kashmir most sought-after destination for solo traveling

Srinagar: Jammu and Kashmir is one of the most sought-after destinations for
RRR 1

RRR knocks out `The Kashmir Files’, earns Rs 257 Cr on Day 1  

S Rajamouli’s RRR (Roudram Ranam Rudiram) has knocked out `The Kashmir Files’