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Reserve Bank of India slaps fine on 4 banks

New Delhi: The Reserve Bank has imposed a monetary penalty of Rs 3 crore on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI and the SBI for non-compliance with various directions, regulatory filings said.

Union Bank said that the apex bank has imposed a penalty of Rs 30 million (Rs 3 crore) on it for delay in adherence to its directives on ‘Time-bound implementation and strengthening of SWIFT-related controls’ contained in the RBI circular of February 20, 2018.


In a filing to the BSE, Dena Bank said the Reserve Bank has imposed a penalty of Rs 20 million on it for non-compliance with the directions issued on February 20, 2018.

In an another filing, IDBI Bank said the Reserve Bank of India (RBI) has imposed a monetary penalty of 10 million on the Bank for contravention of its regulatory directions on time-bound implementation and strengthening of SWIFT related operational controls.

“The Bank has put in place necessary corrective actions to strengthen its internal control mechanisms so as to ensure that such incidents do not recur,” IDBI said.

The SBI said the RBI has levied an aggregate penalty of Rs 10 million on the bank for delayed implementation of the daily reconciliation of Swift transaction logs with effect from February 20, 2018 at 226 “low intensity branches” of the bank.