RBI fines 19 creditors for non-compliance on SWIFT use

MUMBAI: The Reserve Bank of India has fined at least 19 lenders, such as pinnacle banks such as ICICI BankNSE 2.37 % and State Bank of India, for failing to comply with its guidelines on using international bills network SWIFT. The Reserve Bank of India has imposed the fines over the last four days, keeping with inventory trade filings by the banks, though specifics of the non-compliance were not disclosed.

RBI fines 19 creditors for non-compliance on SWIFT use 1

These are petty, procedural issues like counterparty affirmation and nothing predominant or structural,” said one banker who is immediately aware of the problem but declined to be named because he isn’t always authorized to talk to the media. The filings showed that the penalties totaled more than Rs 40 crore ($five. Sixty-seven million) and ranged from Rs 1 crore to Rs 4 crore for every financial institution.

The collection of fines imposed is a stern signal from RBI to banks to strengthen their internal systems and minimize fraud after the PNB fraud closing year, which tarnished the photograph of India’s banking device,” said Mitul Budhbhatti, partner director and head of banking, economic offerings, and insurance at CARE Ratings. “I assume RBI to stay increasingly more vigilant and maintain with such monitoring.” After the PNB loan fraud brought about the complaint of the RBI by way of the g.

Isaac Moran
the authorIsaac Moran
I am a former professional trader who turned his focus from technical analysis to personal finance. In that journey, I learned how to manage a portfolio of stocks, bonds, and mutual funds. I started this blog to share my knowledge with others looking to gain control over their money.