Reserve Bank of India fines four more banks for non-compliance with various guidelines. The banks were penalized by RBI for not sharing the transaction report on the global messaging software called Swift. Bank of Baroda, ICICI Bank Ltd., Yes Bank Ltd., and Canara banks are in the league of the banks that have been fined lately.
Allahabad Bank was also fined for non- compliance of directions with regard to Nostro accounts. Nostro accounts go by, a bank that holds in a foreign currency in another bank, hence the bank was fined for Rs. 2 crores on that non-complying matter.
The fines that were imposed on Bank of Baroda was Rs 4 crore. Canara bank mulct for 2 crores for non-compliance. ICICI bank was fined for a crore as it impedes in compliance with directions related to Swift.
RBI is taking strict action in such cases as Punjab National Bank was cuffed with 14,000 crore fraud due to the squandering of technology. On Monday, a collective fine of Rs 17 crore was implemented on six private sectors for impeding of directions with regard to Swift.