United Bank of India

RBI imposed monetary penalties on eleven banks for delayed or non-reporting of frauds under its fraud classification and reporting directions.

The affected banks must absorb the monetary penalties and are put on notice for lapses in fraud reporting and regulatory compliance. The action has no stated withdrawal or operational ban, but it underscores expectations for timely fraud reporting to RBI going forward.

• Section 47A(1)(c)
• Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

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

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 22 banks for various KYC/AML and related compliance violations. The release also says seven other banks were only cautioned, not fined.

Each of the 22 named banks must bear the monetary penalty and face the compliance finding recorded by RBI. The action does not impose an ongoing operational restriction, but it signals supervisory concerns over KYC/AML and transaction-monitoring controls.

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

This RBI action affected 22 entities. This profile is linked as bulk member.