Wednesday 13 November 2019
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business-standard - 28 days ago

RBI imposes Rs 3 cr penalty on SBM Bank

The Reserve Bank on Wednesday imposed a Rs 3 crore penalty on SBM Bank (India) for non-compliance of regulatory norms by SBM Bank (Mauritius), which amalgamated with the former in November 2018. The penalty has been imposed for non-compliance by SBM Bank (Mauritius) with certain provisions of directions issued by the central bank on Time-bound implementation and strengthening of SWIFT - related operational controls and Cyber Security Framework in Banks , the Reserve Bank of India (RBI) said in a statement. A scrutiny was carried out by RBI to examine the implementation of SWIFT related operational controls in SBM Bank (Mauritius) at its Indian operations, and it was observed that it failed to comply with certain provisions, the RBI said. Based on the findings of the scrutiny and taking into account that Indian undertaking of the bank was amalgamated with SBM Bank (India), a notice was issued to SBM Bank (India) advising it to show cause as to why penalty should not be imposed for ..


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