Current Affairs - Banking - Discussion

The Reserve Bank of India (RBI) has imposed a penalty on 7 Banks for delayed implementation of SWIFT-related operational controls. It fined Rs.4 crore on Karnataka Bank, Rs.3 crore on City Union Bank, Rs.2 crore on DCB Bank and Rs.1 crore on Karur Vysya Bank Ltd., Rs. 4 crore on Indian Bank, Rs.3 crore on IOB and Rs.3 crore on United Bank of India for the same violations. SWIFT is the global messaging software used for transactions by financial entities. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. RBI had directed banks on time-bound implementation and strengthening of SWIFT-related operational controls after the Rs.14,000 crore fraud in Punjab National Bank.