RBI fines 4 more banks for non- compliance of various norms

New Delhi: More banks, including ICICI, Yes Bank and Canara Bank, on Tuesday faced a total penalty of Rs 10 crore from the Reserve Bank for non-compliance with various directions. Bank of Baroda, ICICI Bank, Yes Bank and Canara Bank have been penalised by the central bank for not complying with directions on global transaction messaging software Swift, according to regulatory filings by the lenders.

Allahabad Bank was fined for non-compliance of directions with regard to Nostro accounts. A Nostro account is an account that a bank holds in a foreign currency in another bank. According to the regulatory filings, state-owned lender Bank of Baroda was fined Rs 4 crore, while Canara Bank and Allahabad Bank faced a fine of Rs 2 crore each. ICICI Bank and Yes Bank were slapped with a fine of Rs 1 crore each for delay in compliance with directions related to Swift.

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