India slaps $1.5m fine on four banks for non-compliance in SWIFT messaging

Karnataka Bank was hit with $564,000 worth of penalties.

The Reserve Bank of India (RBI) has slapped fines worth $1.5m (INR11m) on four banks including Karnataka Bank, United Bank of India, IOB, and Karur Vysya Bank for their failure to comply with directions on Swift messaging software, reports Times of India.

Amongst the four, Karnataka Bank was hit with the largest penalty of $564,000 whilst United Bank and Indian Overseas Bank received fines worth $423,000. Meanwhile, RBI imposed a penalty of $141,000 to Karur Vysya Bank.

According to a filing by Karnataka Bank, the penalties were a result of the delayed implementation of of four of the Swift-related operational controls.

Also Read

OCBC Ignite aims to double poly graduate intake

Singapore’s big banks aim for 96% emissions cut by 2050

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia