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Mumbai : According to filings with BSE by these Banks yesterday, in exercise of power conferred under legal provisions such as Section 47 (A) (1) (c) read with section 46 (4) (i) of Banking Regulation Act, 1949, Reserve Bank of India has imposed penalty of Rs.10 Million on SBI & IDBI each, Rs.20 Million on Dena Bank and Rs.30 Million on Union Bank for non-compliance with the directions issued on February 20, 2018 by the apex bank for time bound implementation and strengthening of SWIFT related controls.
"The Bank has put in place necessary corrective actions to strengthen its internal control mechanisms so as to ensure that such incidents do not recur," IDBI said.
The SBI said the RBI has levied an aggregate penalty of Rs 10 million on the bank for delayed implementation of the daily reconciliation of Swift transaction logs w.e.f February 20, 2018 at 226 "low intensity branches" of the bank.
"The bank has taken necessary measures to implement and strengthen SWIFT-related operational controls and to ensure strict compliance of RBI directions in this regard.", UBI said. It also said "The amount of penalty is not material considering size of the bank."