The Reserve Bank has imposed a monetary penalty on Union Bank, Dena Bank, IDBI Bank Ltd. and the State Bank of India Ltd. for non-compliance with various directions, regulatory filings said Saturday.
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 Feb. 20, 2018.
In an exchange filing, Dena Bank said RBI has imposed a penalty of Rs 20 million on it for non-compliance with the directions issued on Feb. 20, 2018.
In an another filing, IDBI Bank said the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 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 Feb. 20, 2018 “low intensity branches” of the bank.
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