The Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs 2 crore on Oriental Bank of Commerce for non-compliance of RBI directives in respect of time bound implementation and strengthening of SWIFT related operational controls. The amount of penalty is not material considering the size of the Bank. The Bank has taken necessary preventive measures to avoid such recurrence in future.
Oriental Bank of Commerce is a commercial bank. The Bank operates in four segments: treasury operations, corporate/wholesale banking, retail banking and other banking business operations.
