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RETAIL BANKING | Staff Reporter, India

India slaps $1.5m fine on four banks for non-compliance in SWIFT messaging

Karnataka Bank was hit with $564,000 worth of penalties.

The Reserve Bank of India (RBI) has slapped fines worth $1.5m (INR11m) on four banks including Karnataka Bank, United Bank of India, IOB, and Karur Vysya Bank for their failure to comply with directions on Swift messaging software, reports Times of India.

Amongst the four, Karnataka Bank was hit with the largest penalty of $564,000 whilst United Bank and Indian Overseas Bank received fines worth $423,000. Meanwhile, RBI imposed a penalty of $141,000 to Karur Vysya Bank.

According to a filing by Karnataka Bank, the penalties were a result of the delayed implementation of of four of the Swift-related operational controls.

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