TIL Desk/Business/New Delhi/ Private sector lender Yes Bank on Tuesday said the Reserve Bank of India has slapped a fine of Rs 1 crore on the bank for non-compliance of directions on Swift messaging software. “The Reserve Bank of India… has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls,” Yes Bank said in a regulatory filing.
Swift is the global messaging software used for transactions by the financial entities. Notably, the massive Rs 14,000 crore fraud at the Punjab National Bank was a case of misuse of this messsaging software. Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kinds of transactions.
On Monday, RBI had imposed a total monetary fine of Rs 8 crore on three banks — Karnataka Bank, United Bank of India and Karur Vysya Bank — for non-compliance of directions on Swift messaging software. Earlier on Saturday, four banks — SBI, Union Bank of India, Dena Bank and IDBI — had informed exchanges about monetary penalty slapped on them by the regulator for non-compliance with various directions.
