Chennai: The 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.
While the 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. Besides, the regulator has also levied Rs one crore fine on Karur Vysya Bank.
The Reserve Bank of India has levied an aggregate penalty of Rs 40 million on the bank for delayed implementation of four of the Swift related operational controls, Karnataka Bank said in a regulatory filing.
“The exchanges are hereby informed that Reserve Bank of India…, has imposed an aggregate penalty of Rs 30 million on the Bank to be deposited within 14 days, for non-compliance with, and contraventions of, directions contained in the RBI circular on time-bound implementation and strengthening of SWIFT-related operational controls,” United Bank said in a separate filing.