Latest News | RBI Imposes Rs 45 Lakh Penalty on MUFG Bank

Mumbai, May 27 (PTI) Reserve Bank of India (RBI) on Friday said a penalty of Rs 45 lakh has been imposed on Japan-based MUFG Bank for non-compliance with the directions on 'time-bound implementation and strengthening of SWIFT-related operational controls'.

An examination of the compliance position of the bank revealed non-compliances with respect to certain directions.

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It was found that the bank failed to put in place Straight Through Processing (STP) between Core Banking System(CBS)/accounting system and SWIFT messaging system for transactions creating non-funded exposure/exposure with financial implications, within the time limit of April 30, 2018, according to a RBI release.

RBI also said the penalty is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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MUFG had opened its first branch in Mumbai in 1953.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)