RBI imposes 11 crore Monetary Fine on 4 National Banks for non-compliance in SWIFT Messaging System

RBI imposes 11 crore Monetary Fine on 4 National Banks for non-compliance in SWIFT Messaging System: The RBI has brought ito effect of a monetary fine of ₹11 crore on four banks - Karnataka Bank, United Bank of India, IOB and Karur Vysya Bank owing to non compliance on SWIFT (SWIFT Society for Worldwide Interbank Financial Telecommunications) Messaging Software. SWIFT messaging system is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.

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