RBI slaps Rs.2 crore penalty on Punjab National Bank

The Reserve Bank of India has slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations. 

SWIFT is a global messaging software used for sharing information on inter-bank transactions by financial entities. 

In a regulatory filing, the bank said, the



Reserve Bank in a letter dated March 25 has informed the bank about the penalty.

Earlier this year, the Reserve Bank had imposed penalties worth 71 crore rupees on 36 public, private and foreign banks for non-compliance with various directions on time-bound implementation and strengthening of SWIFT operations.