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Indian central bank fines SBM Bank (India) over noncompliance issues

The Indian central bank imposed a fine of 30 million rupees on SBM Bank (India) Ltd. over the noncompliance of SBM Bank (Mauritius) Ltd. in relation to cybersecurity and cross-border fund transfers.

The central bank's inspection of SBM Bank (Mauritius)'s Indian operations found the company did not comply with certain provisions under the central bank's directions on cybersecurity framework and time-bound implementation and strengthening of SWIFT-related operational controls, according to an Oct. 16 release.

SMB Bank Mauritius merged with SBM Bank (India) in November 2018.

As of Oct. 16, US$1 was equivalent to 71.41 Indian rupees.