RBI: Slaps penalty on 36 banks for SWIFT non-compliance

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RBI: Slaps penalty on 36 banks for SWIFT non-compliance

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