RBI imposes penalty of Rs 1 crore on Karur Vysya Bank
5th Mar 2019

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Karur Vysya Bank for non-compliance with the directions issued by RBI on Time-bound implementation & strengthening of SWIFT- related operational controls as per their circular dated February 20, 2018.

Karur Vysya Bank is among six old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai