Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Live Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

RBI fines 19 lenders for non-compliance on SWIFT use

The RBI imposed the fines over the past four days, according to stock exchange filings by the banks, though specifics of the non-compliance were not disclosed.

March 05, 2019 / 10:38 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The Reserve Bank of India (RBI) has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT.

The RBI imposed the fines over the past four days, according to stock exchange filings by the banks, though specifics of the non-compliance were not disclosed.

Four bankers whose institutions were fined said that most of the issues related either to interpretation of the RBI's guidelines or minor technical matters.

"These are petty, procedural issues like counterparty confirmation and nothing major or structural," said one banker who is directly aware of the matter but declined to be named because he is not authorised to speak to the media.