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4 Banks Fined ₹11 cr by for Non-Compliance in Swift Operations

March 06, 2019

4 Banks Fined ₹11 cr by for Non-Compliance in Swift Operations
The United Bank of India, Karnataka Bank, Indian Overseas Bank, United Bank of India, and Karur Vysya Bank were fined by the Reserve Bank of India (RBI) for failing to meet the norms for Swift messaging software. 

A ₹4 crores fine was imposed on Karnataka Bank, and a one crore fine was imposed on the Karur Vysya Bank. However, a fine of ₹3 crores was levied on both Indian Overseas Bank and United Bank of India.

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