INSUBCONTINENT EXCLUSIVE:
Mumbai: Ten banks have been fined by the RBI for delays in compliance with directions related to global messaging software SWIFT.
On
Tuesday, Yes Bank, ICICI Bank and Allahabad Bank, in separate releases said they have been fined by the regulator for non-compliance of
RBI imposed a Rs 2-crore fine on Allahabad Bank for non-compliance of directions with regard to nostro accounts, the state-owned lender said
Private sector ICICI Bank said it had been fined Rs 1 crore for delay in compliance with directions related to global messaging software
SWIFT.
Yes Bank also informed about a fine of Rs 1 crore for non-compliance of directions on Swift
These fines come just over a year after a lack of integration on SWIFT cost Punjab National Bank Rs 13,000 crore
It is unclear if the fines have any link to the infamous Nirav Modi scam.
On Monday, three banks, namely, Karnataka, United Bank and Karur
