The Reserve Bank has imposed a monetary penalty of Rs 3 crore on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI Bank and the SBI Bank, for non-compliance with various directions, regulatory filings said on Saturday.
Union Bank said that the apex bank has imposed a penalty of 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 February 20, 2018.
In a filing to the BSE, Dena Bank said the Reserve Bank has imposed a penalty of Rs 2 crore on it for non-compliance with the directions issued on February 20, 2018.
In an another filing, IDBI Bank said the RBI has imposed a monetary penalty of Rs 1 crore 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 1 crore on the bank for delayed implementation of the daily reconciliation of Swift transaction logs with effect from February 20, 2018 at 226 "low intensity branches" of the bank.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM