RBI imposes Rs 11 crore fine on 4 banks for non-compliance in Swift operations

"The exchanges are hereby informed that Reserve Bank of India..., has imposed an aggregate penalty of Rs 3 crore on the Bank to be deposited within 14 days, for non-compliance with, and contraventions of, directions contained in the RBI circular on time-bound implementation and strengthening of Swift-related operational controls," United Bank said in a separate filing.

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