Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kinds of transactions.
Private
sector lender Yes
Bank Tuesday 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 (RBI)... has levied an aggregate penalty of Rs
10 million (Rs 1 crore) on the bank for non-compliance of regulatory
directions observed during assessment of implementation of
SWIFT-related operational controls," Yes Bank said in a
regulatory filing.
Swift
is the global messaging software used for transactions by the
financial entities.
Notably,
the massive Rs 14,000 crore fraud at the Punjab National Bank (PNB)
was a case of misuse of this messsaging 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.
On
Monday, RBI had 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.
Earlier
on Saturday, four banks -- SBI, Union Bank of India, Dena Bank and
IDBI -- had informed exchanges about monetary penalty 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 and the SBI.
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