The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on City Union Bank for delay in adherence to its directives on ‘Time bound implementation and strengthening of SWIFT related controls’ contained in the RBI circular of February 20, 2018.
The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1)( c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
City Union Bank offers a suite of products across deposits, loans, investment solutions, payments and cards and the Bank also offers services, such as internet banking, mobile banking, including online funds transfer and fixed deposit operations. The Bank operates in four segments, which includes Corporate/Wholesale banking, Retail Banking, Treasury and Other Banking Operations.
