RBI fines 19 creditors for non-compliance on SWIFT use

MUMBAI: 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 the use of 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 penalties totaled extra than Rs 40 crore ($five. Sixty-seven million) and ranged from Rs 1 crore to Rs 4 crore for every financial institution, the filings showed.

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, which brought about the complaint of the RBI by way of the g.

Isaac Moran
the authorIsaac Moran
Web nerd. Proud music guru. Coffee geek. Typical travel junkie. Passionate analyst. Gifted in researching crayon art in Nigeria. Have some experience getting my feet wet with deodorant worldwide. In 2009 I was managing weebles in Mexico. Spent 2001-2006 getting my feet wet with bongos in Ohio. Managed a small team working on human brains in Suffolk, NY. In 2009 I was developing crickets in Las Vegas, NV.