The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 crore on DCB Bank for delay in adherence to its directives on ‘Time-bound implementation and strengthening of SWIFT-related operational controls’ contained in the RBI circular dated February 20, 2018.
The Bank has taken necessary measures to implement and strengthen SWIFT-related operational controls and to ensure strict compliance with RBI directions in this regard.
DCB Bank is one of the emerging private sector banks in India. The Bank is amongst the first private sector banks to waive advisory fee and service charge for Mutual Fund investment.
