RBI Slaps Rs 2-Crore Fine On Punjab National Bank For Violating SWIFT Norms
The Reserve Bank of India slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to The Society for Worldwide Interbank Financial Telecommunication operations, the state-run lender said.
In a regulatory filing, Punjab National Bank said the RBI, in a letter dated March 25, had informed the bank about the penalty.
"In the matter of violations of regulatory directions by Punjab National Bank observed during assessment of implementation of SWIFT-related operational controls, the RBI, (imposes) an aggregate penalty of Rs 20 million on Punjab National Bank," it said.
SWIFT is a global messaging software used for transactions by financial entities. The Rs 14,000-crore fraud perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi at the bank was a case of misuse of this messaging software.
Earlier this year, the RBI had imposed penalties worth Rs 71 crore on 36 public, private and foreign banks for non-compliance with various directions on time-bound implementation and strengthening of SWIFT operations. The list, however, did not include Punjab National Bank.