Dena Bank

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce for KYC/AML and related compliance violations. Eight other public sector banks were cautioned to strengthen controls.

The three penalised banks must absorb the monetary penalty and address the compliance gaps identified by RBI, especially around KYC/AML, transaction monitoring, RTGS controls, and FD/OD diligence. The eight cautioned banks face no monetary penalty in this release, but they are expected to strengthen controls and periodically review compliance processes going forward.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 11 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on six banks for violations of KYC/AML-related instructions. The banks were found to have lapses in customer identification, risk profiling, KYC updation and CTR filing.

The penalised banks must absorb the monetary sanction and address the compliance shortcomings identified by RBI, especially around KYC/AML controls, customer due diligence, and transaction monitoring. The action has no stated forward restriction on operations, but it signals heightened supervisory scrutiny and the need for stronger internal controls. Depositors and customers are indirectly affected through tighter compliance processes and monitoring.

• Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 6 entities. This profile is linked as bulk member.