• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Rs 4 crore fine slapped on Karnataka Bank

By PTI
|

New Delhi, Mar 4: Private sector Karnataka Bank on Monday said the RBI has slapped a fine of Rs 4 crore on the bank for violating regulatory norms.

The Reserve Bank of India has levied an aggregate penalty of Rs 40 million on the bank for delayed implementation of four of the Swift related operational controls.

Image for representation only

Swift is the global messaging software used for transactions by the financial entities.

[RBI: Repo rate reduced by 25 basis points]

Notably, the massive Rs 14,000 crore fraud at the PNB 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 kind of their transactions. 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.

[RBI to pay Rs 28,000 cr interim dividend to govt]

Fine of Rs 3 crore was imposed on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI and the SBI.

PTI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X