RBI fines 36 state, private banks for non-compliance in SWIFT operations

The penalties, ranging from Rs 1 crore to Rs 4 crore, were imposed by orders dated January 31, 2019, and February 25, 2019, the RBI said in a statement.

The Reserve Bank on Friday said it had fined 36 public and private banks Rs 71 crore for not complying with its safety directions about SWIFT, the global messaging software used for transactions by financial entities.

The Rs 14,000-crore fraud detected at the state-owned Punjab National Bank was allegedly done by misusing SWIFT (Society for Worldwide Interbank Financial Telecommunications). The banks include, Bank of Baroda, City Union Bank, HSBC, ICICI Bank, SBI and YES Bank. 

The penalties, ranging from Rs 1 crore to Rs 4 crore, were imposed by orders dated January 31, 2019, and February 25, 2019, the RBI said in