India’s central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, Banks were fined due to failing to comply with its guidelines on the use of global payments network SWIFT.
The penalties totalled more than Rs. 40 crore ($5.67 million) and ranged from Rs. 1 crore to Rs. 4 crore for each bank, the filings showed.
The Reserve Bank of India (RBI) imposed the fines over the past four days, according to stock exchange filings by the banks, though specifics of the non-compliance were not disclosed.
Four bankers whose institutions were fined said that most of the issues related either to interpretation of the RBI’s guidelines or minor technical matters.
“These are petty, procedural issues like counterparty confirmation and nothing major or structural,” said one banker who is directly aware of the matter but declined to be named because he is not authorised to speak to the media.