RBI: Slaps penalty on 36 banks for SWIFT non-compliance for fault in digital payments
- SWIFT is a global messaging software used for transactions by financial entities
- RBI imposed penalty on Indian banks for failure in implementation and strengthening of SWIFT operations.
- The banks include BOB, City Union Bank, HSBC, ICICI Bank, SBI and YES Bank.
- Penalties are based on compliance response between banks with their customers
- Absence of integration between core banking and the Swift platform leads to fraud in banks