The Reserve Bank has imposed a monetary penalty of Rs 3 crore on Union Bank, Rs 2 crore on Dena Bank NSE 7.21 %, and Rs 1 crore each on IDBI and the SBI for non-compliance with various directions, regulatory filings said Saturday.

The Reserve Bank of India (RBI) is India's central banking institution, which controls the issuance and supply of the Indian rupee. Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India.

 It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders. Following India's independence on 15 August 1947, the RBI was nationalized on 1 January 1949.

Union Bank said that the apex bank has imposed a penalty of Rs 30 million (Rs 3 crore) on it for the 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.

In separate filings to the exchange Union Bank, IDBI Bank, Dena Bank, and SBI said that the apex bank has imposed a penalty of Rs 3 crore, 2 crores, 1 crore, and 1 crore respectively.

"The Bank has put in place necessary corrective actions to strengthen its internal control mechanisms so as to ensure that such incidents do not recur," IDBI said.

The SBI said the RBI has levied an aggregate penalty of Rs 10 million on the bank for delayed implementation of the daily reconciliation of Swift transaction logs with effect from February 20, 2018, at 226 " low-intensity branches" of the bank.