RBI fines 19 banks including SBI, ICICI for non-compliance of SWIFT guidelines
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The Reserve Bank of India has fined 19 banks, including India’s largest bank State Bank of India and ICICI Bank, for a total of about Rs 40 crores in relation to non-compliance of its guidelines on global payments network SWIFT .
PSU bank SBI informed exchanges Saturday about the penalty of Rs 1 crore for delayed implementation of the daily reconciliation of Swift transaction logs with effect from Feb 20, 2018 at 226 branches. Private lender ICICI Bank has also been penalised for Rs 1 crore for SWIFT-related issues.
Today, Bank of Baroda also disclosed about the imposition of penalty of Rs 4 crore by RBI besides Bank of Maharashtra which has been levied a fine of Rs 2 crore for non-adherence of SWIFT guidelines. Other public sector banks also facing the penalty are Union Bank of India, Dena Bank, Canara Bank for Rs 2 crore each and IDBI Bank for Rs 1 crore.
Private banks Karnataka Bank and Karur Vyasya Bank have been slapped with a penalty of Rs 40 million and Rs 10 million respectively for not complying with the RBI guidelines on SWIFT.
The banking sector got hit by Nirav Modi scam last year when unauthorised credit guarantees were issued through SWIFT at one of the branches of Punjab National Bank. Post that fraud, the central bank tightened the noose around PSU banks along with private banks by issuing confidential directives to them on the usage of SWIFT and also required them to connect with the SWIFT messaging system by April 30, 2018.
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