The Reserve Bank of India has imposed a total monetary fine of Rs 8 crore on three banks - Karnataka Bank, United Bank of India and Karur Vysya Bank - for non-compliance of directions on Swift messaging software.

While the RBI imposed a Rs 4 crore fine on Karnataka Bank, United Bank is facing a penalty of Rs 3 crore. The regulator has levied Rs one crore fine on Karur Vysya Bank.

The RBI has levied an aggregate penalty of Rs 40 million on the bank for delayed implementation of four of the Swift related operational controls, Karnataka Bank said in a regulatory filing.

"The exchanges are hereby informed that Reserve Bank of India..., has imposed an aggregate penalty of Rs 30 million 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.

Karur Vysya said that the RBI has imposed a monetary penalty of Rs 1 crore on the bank for non-compliance with the directions issued on Swift operations. 

Swift is the global messaging software used for transactions by the financial entities. The massive Rs 14,000 crore fraud at the PNB was a case of misuse of this messsaging software.

Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kind of their transactions.

Earlier on Saturday, four banks -- SBI, Union Bank of India, Dena Bank and IDBI -- had informed exchanges about monetary penalty slapped on them by the regulator for non-compliance with various directions.

Fine of Rs 3 crore was imposed on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI and the SBI. #casansaar (Source - PTI)