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A view of the RBI buidling in New Delhi. (Ramesh Pathania/Mint via GettyImages)
Private-sector bank Yes Bank has been fined Rs one crore by the Reserve Bank of India (RBI) for not complying with the central bank’s directions on SWIFT operations, reports Hindustan Times (HT).
Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a messaging network that financial institutions like banks use to securely transmit information and instructions through a standardised system of codes.
It should be noted that the Rs 14,000 crore Nirav Modi scam involving Punjab National Bank (PNB) also pertained to fraudulent SWIFT transactions.
“The Reserve Bank of India (RBI)... 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.
RBI has also imposed the Rs one crore fine on Karnataka Bank, United Bank of India and Karur Vysya Bank on similar accounts.
Cybersecurity Norms
It was reported in December 2018 that RBI had imposed a fine of Rs 1 crore on the state-run Indian Bank, for flouting cybersecurity norms.
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