RBI has slapped similar penalties on various banks
RBI has slapped similar penalties on various banks

RBI fines PNB for deficiencies in regulatory compliance

ANI | Updated: Mar 26, 2019 19:21 IST

Mumbai (Maharashtra) [India], Mar 26 (ANI): The Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on public sector Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations.
SWIFT is a global messaging software used for transactions by financial entities. The Rs 14,000-crore fraud by billionaire jeweller Nirav Modi and his uncle Mehul Choksi at PNB was a case of misuse of this messaging software.
The penalty has been imposed under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act 1949, taking into account failure of the banks to adhere to directions issued by the RBI.
The banking regulator has slapped similar penalties on various entities like State Bank of India, Corporation Bank, Bank of Baroda and Union Bank of India. (ANI)

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