New Delhi, Mar 4 : The Karnataka Bank on Monday said the lendor was imposed a fine of Rs 4 crore by the Reserve Bank of India (RBI) for non-compliance of the central bank’s SWIFT directions.
The RBI penalised the Karnataka Bank of Rs 4 crore for delaying implementation of four of the Society for Worldwide Interbank Financial Telecommunications (SWIFT)-related operational controls, the Bank said in a filing to the stock exchange.
“The Reserve Bank of India, in exercise of powers conferred under Section 46 and 47A of the Banking Regulation Act, 1949 has levied an aggregate penalty of Rs 40 Million (Rupees Forty Million) on the Bank for delayed implementation of four of the SWIFT-related operational controls,” the Bank said.
SWIFT is a messaging network that financial institutions use to securely transmit information and instructions through a standardised system of codes. (UNI)