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UCO Bank fined 30M rupees for violating directives on SWIFT controls

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UCO Bank fined 30M rupees for violating directives on SWIFT controls

The Reserve Bank of India fined state-controlled UCO Bank 30 million rupees for its failure to comply with the central bank's directives on implementing and strengthening SWIFT-related operational controls within the given time-frame, according to a March 8 filing.

The announcement came after the bank was fined 20 million rupees in February for breaching norms related to payment through checks.

As of March 8, US$1 was equivalent to 69.98 Indian rupees.