RBI fined 4 banks including SBI

RBI has imposed a penalty on 4 banks for not following various instructions.

The RBI has imposed a monetary penalty of Rs 1 crore on IDBI Bank, Rs 2 crore on Dena Bank, Rs 3 crore on Union Bank and Rs 1 crore on SBI. 

Union Bank has said that the Reserve Bank of India has imposed a fine of Rs 3 crore on the bank due to delay in adhering to its “timely implementation and strengthening of SWIFT related controls” issued on 20th

February. Explain that due to violation of these rules, a penalty of Rs 1 crore has been imposed on IDBI Bank. 

At the same time, Dena Bank has informed about the imposition of penalty of 2 crores for not following the instructions issued by the RBI on 20th February.

Apart from this, the country’s largest bank, SBI, has informed about the penalty of Rs.101 crore by the RBI for delay in the implementation of the daily reconciliation of SWIFT transaction logs.

Let’s say that on Friday, March 1, all the banks’ shares were seen in the bull run.

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