The Reserve Bank of India has fined State Bank of India(SBI) and ICICI Bank, along with19 other lenders, for failing to comply with its terms and conditions on the use of global payments network SWIFT.
The RBI imposed the fines over the past four days, according to stock exchange filings by the banks, though specifics of the non-compliance were not disclosed.
The penalties totaled more than Rs 40 crore and ranged from Rs 1 crore to Rs 4 crore for each bank, the filings showed.
The Reserve Bank of India has fined State Bank of India(SBI) and ICICI Bank, along with19 other lenders, for failing to comply with its terms and conditions on the use of global payments network SWIFT.
The RBI imposed the fines over the past four days, according to stock exchange filings by the banks, though specifics of the non-compliance were not disclosed. Four bankers whose institutions were fined said that most of the issues related either to the interpretation of the RBI’s guidelines or minor techno issues.
The penalties totaled more than Rs 40 crore and ranged from Rs 1 crore to Rs 4 crore for each bank, the filings showed.