DCB Bank: RBI imposes fine of Rs. 2 crore

The Reserve Bank of India (RBI) imposed a penalty of Rs. 2 crore on DCB Bank for the delay in compliance of RBI directives on SWIFT transaction related operational controls issued by the central bank in February 2018.

The bank intimated the exchange that it has received a circular from RBI notifying a monetary penalty of Rs. 2 crore for failing to adherence to RBI directives to strengthen SWIFT-related controls dated February 20, 2018.

DCB Bank stated in its release that the bank has taken necessary steps to strengthen SWIFT-related controls to ensure the required compliance to RBI's guidelines in this regard.

For the recently concluded quarter Q3FY19, the bank reported a 51 per cent growth in net profit at Rs. 86 crore as against Rs. 57 crore in Q3FY18, even as provisions were higher. The bank's Net interest income (NII) grew by 17 per cent on YoY basis to Rs. 293.61 crore, with credit growth of 23 per cent. 

DCB's asset quality dropped slightly in the quarter with GNPA as a percentage of gross advances at 1.92 per cent in Q3FY19 against 1.84 per cent in Q2FY19.

On Friday, the stock of DCB Bank closed at Rs. 183.35 per share, down 0.91 per cent on BSE.