#Rbi

RBI's Order To Kotak Mahindra Bank: No New Customers, No New Credit Cards
#Rbi

RBI Gives Paytm A Second Chance, Extends Deadline For Stopping Transactions To March 15
#Rbi

RBI To Introduce Offline e-Rupee Transactions Soon
#Rbi

RBI Keeps Key Repo Rate Unchanged At 6.50%
#Rbi

Regulatory Institutions Destroyed Under Modi Govt, Allege Rahul, Priyanka Over RBI Action Against Paytm
#Rbi

RBI Ban On Paytm Payment Bank: What It Means For Your Wallet, FASTag, And UPI Transactions?

Rs 4 crore fine slapped on Karnataka Bank

By PTI

| Updated: Monday, March 4, 2019, 17:05 [IST]

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.

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

[RBI: Repo rate reduced by 25 basis points] [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] [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