RBI Imposes Rs 1-Crore Fine On Yes Bank For Non-Compliance In Swift Operations
Yes Bank Ltd. said the Reserve Bank of India has slapped a fine of Rs 1 crore on the bank for non-compliance of directions on Swift messaging software.
"The Reserve Bank of India... has levied an aggregate penalty of Rs 10 million on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls," the private sector lender said in a regulatory filing.
Swift is the global messaging software used for transactions by financial entities.
Notably, the massive Rs 14,000 crore fraud at the Punjab National Bank was a case of misuse of this messaging software.
Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kinds of transactions.
More Banks Fined
On Monday, RBI had imposed a total monetary fine of Rs 8 crore on three banks - Karnataka Bank Ltd., United Bank of India and Karur Vysya Bank Ltd. - for non-compliance of directions on Swift messaging software.
Earlier on Saturday, four banks -- State Bank of India, Union Bank of India, Dena Bank and IDBI Bank Ltd. -- had informed exchanges about monetary penalties slapped on them by the regulator for non-compliance with various directions.
Fine of Rs 3 crore was imposed on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI Bank and SBI.