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RBI slaps Rs 1-cr fine on Yes Bank for non-compliance in Swift operations

Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kinds of transactions

Press Trust of India  |  New Delhi 

YES Bank
YES Bank | Photo: Reuters

Private sector lender Tuesday said the has slapped a fine of Rs 1 crore on the bank for non-compliance of directions on

"The (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," 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 to tighten all kinds of transactions.

On Monday, RBI had imposed a total monetary fine of Rs 8 crore on three - Karnataka Bank, United Bank of India and Karur Vysya Bank - for non-compliance of directions on

Earlier on Saturday, four -- 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.

First Published: Tue, March 05 2019. 10:40 IST
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