Yes Bank fined for non-compliance in Swift operations

The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Yes Bank for non-compliance of directions on Swift messaging software.

"The RBI 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," Yes Bank informed stock exchanges in regulatory filings on Tuesday.

On Monday, the banking regulator had imposed a total 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.

 

Last week too, four banks -- State Bank of India, Union Bank of India, Dena Bank and IDBI Bank Ltd -- had informed exchanges about penalties imposed on them for non-compliance with various directions.