The Reserve Bank of India has imposed a total fine of Rs 8 crore on three banks—Karnataka Bank Ltd., United Bank of India and Karur Vysya Bank Ltd. —for non-compliance of directions on Swift messaging software.
While the RBI imposed a Rs 4 crore fine on Karnataka Bank, United Bank faces a penalty of Rs 3 crore, the regulator levied a Rs 1 crore fine on Karur Vysya Bank, according to their exchange filings. The RBI imposed the penalty on the lenders for delayed implementation of the Swift-related operational controls.
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Swift is the global messaging software used for transactions by the financial entities. The Rs 14,000-crore fraud that came to light in February last year at the Punjab National Bank was a case of misuse of this system. The RBI has since been tough on banks about internal control mechanisms.
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Earlier on Saturday, four banks —State Bank of India, Union Bank of India, Dena Bank and IDBI — had informed exchanges that the regulator had imposed a penalty for non-compliance with various directions. Union Bank was fined Rs 3 crore, Dena Bank Rs 2 crore and SBI and IDBI Rs 1 crore each.
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