RBI levies penalties on Banks

BE/RBINOTE/13/2019

ICICI Bank

Reserve Bank of India, the Central Bank of the country has slapped penalties on seven commercial banks for not adhering to regulatory directions related to Global messaging platform SWIFT. The banks are:

Private Sector Banks:

ICICI Bank                      ..   Rs. 1 Crore
Yes Bank                          ..   Rs. 1 Crore

Public Sector Banks:

Canara Bank                               ..   Rs. 2 Crore
Syndicate Bank                           ..   Rs. 2 Crore
Allahabad Bank                           ..   Rs. 2 Crore
Bank of Maharashtra                 ..   Rs. 2 Crore
Bank of Baroda                           ..   Rs. 4 Crore

  • In toto 18 banks have been penalized for violating the norms related to RBI circular which was issued on February 20, 2018, in the aftershock of Nirav Modi scam.
  • During recent times, RBI has levied penalty on 11 banks for delayed implementation of SWIFT, related operational controls.
  • All the 11 banks have come out with the penalty levied on them by RBI

Note: SWIFT is the global messaging software used for transactions by financial institutions.

Author: Admin Bankedge

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