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RBI fines ICICI Bank for non-compliance of instructions related to Swift
Economy

RBI fines ICICI Bank for non-compliance of instructions related to Swift

Mumbai, Mar 5: Private sector lender ICICI Bank said that Reserve Bank of India (RBI) has slapped a fine of Rs 1 crore on the bank for delay in compliance to RBI's directives on 'Time-bound implementation & strengthening of SWIFT related controls'.

The RBI has levied penalty on the bank in exercise of powers conferred under section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, vide its order dated February 25, 2019, the bank said in a filing with BSE.

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