RBI imposes Rs 8 crore fine on 3 banks for non-compliance in Swift operations
The Reserve Bank of India has 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. While the RBI imposed a Rs 4 crore fine on Karnataka Bank, United Bank is facing a penalty of Rs 3 crore. The regulator has levied Rs one crore fine on Karur Vysya Bank. The RBI has levied an aggregate penalty of Rs 40 million on the bank for delayed implementation of…
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