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India central bank fines 36 banks following review of SWIFT controls

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India central bank fines 36 banks following review of SWIFT controls

The Reserve Bank of India imposed fines totaling 710 million rupees on 36 banks over their failure to comply with directives on SWIFT-related operational controls.

The central bank said March 8 that it imposed the fines after conducting a compliance assessment on the implementation and strengthening of SWIFT-related operational controls of 50 major banks. The monetary fines were imposed on Jan. 31 and Feb. 25, it added.

The central bank's review revealed that the banks failed to comply with one or more of the major directions related to SWIFT controls.

The RBI fined Bank of Baroda, Catholic Syrian Bank Ltd., Citibank NA - India Branches, Indian Bank and Karnataka Bank Ltd. 40 million rupees each; BNP Paribas, City Union Bank Ltd., Indian Overseas Bank, UCO Bank, Union Bank of India and United Bank of India 30 million rupees each; and, Allahabad Bank, Bank of Maharashtra, Canara Bank, DCB Bank Ltd., Dena Bank, Jammu & Kashmir Bank Ltd., Oriental Bank of Commerce and Syndicate Bank Ltd. 20 million rupees each.

The central bank also fined Bank of America NA, Barclays Bank PLC, Central Bank of India, Corporation Bank, DBS Bank Ltd., Deutsche Bank AG, Hongkong and Shanghai Banking Corp. Ltd., ICICI Bank Ltd., IDBI Bank Ltd., IndusInd Bank Ltd., JP Morgan Chase Bank NA, Karur Vysya Bank Ltd., Punjab & Sind Bank, Standard Chartered Bank, State Bank of India, Tamilnad Mercantile Bank Ltd. and Yes Bank Ltd. 10 million rupees each.

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