RBI fines SBI, ICICI Bank & 17 others for non-compliance on SWIFT Use

RBI fines SBI

RBI fines SBI, and other top banks, MUMBAI: India’s central bank has fined at least 19 lenders, including top banks like ICICI Bank and State Bank of India, to fail to comply with its guidelines on using the global payment network, SWIFT. Reserve Bank of India (RBI)fined the banks in the last four days, according to stock exchanges filling, although the Nuances of non-Compliance were not disclosed.

The four bankers whose finances were fined said that most of the issues are related to either the RBI guidelines or the interpretation of mini technical matters. “These small, procedural issues such as the confirmation of the opposition and nothing are not major or structural, are directly aware of this matter, but refused to give the name because it is authorized to talk to the media Are not there,” A banker said.

RBI fines SBI, ICICI Bank and 17 others for non-compliance on SWIFT Use

The penalty was more than the total amount. From 40 million ($ 5.67 million) and Rs.1 crore 4 million for each bank, saw the filings.

The Indian banking system was sent to the state lender Punjab National Bank (PNB) for fraud of $ 2 billion at the beginning of last year, resulting in unauthorized credit to businesses associated with billionaire jeweler Neerav Modi and his uncle Mehul Choksi through SWIFT Guaranteed.

Mitul Budhbatti, Associate Director and Banking Head, Mitul Budhbatti said, “The series of fines imposed by RBI is a strong signal for banks to strengthen their internal system and reduce fraud after PNB fraud last year.” Financial Services and Insurance in Care Rating.

The most notable of those rules was to link SWIFT Interbank Messaging System with its core banking software by banks till April 30 last year. For the latest breaking news, you can visit www.indiatimelines.com.

However, the interval in compliance was found in more than two dozen places, prompting the RBI to impose a fine.

RBI audited banks 8-10 months ago and issued show-cause notices four months ago. Bankers said that since the notice was issued, the banks have stopped those holes.

“After issuing a show-cause notice to us, we have addressed those minor points,” A banker said.


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