Advertisement

Updated March 26th, 2019 at 17:36 IST

RBI slaps Rs 2 crore penalty on PNB for violating SWIFT norms

The RBI has slapped a penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations, the state-run lender said on Tuesday.

| Image:self
Advertisement

The RBI has slapped a penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations, the state-run lender said on Tuesday.

SWIFT is a global messaging software used for transactions by financial entities. The massive Rs 14,000-crore fraud perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi at the PNB was a case of misuse of this messsaging software.

In a regulatory filing, the PNB said the Reserve Bank in a letter dated March 25 has informed the bank about the penalty.

READ | RBI Governor To Hold Pre-policy Meet With Trade Bodies, Rating Agencies On March 26

"In the matter of violations of regulatory directions by Punjab National Bank observed during assessment of implementation of SWIFT- related operational controls, the Reserve Bank of India, (imposes) an aggregate penalty of Rs 20 million ... on Punjab National Bank," it said.

Earlier this year, the Reserve Bank 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. However, the list did not include PNB.

The major banks which were fined by the regulator included SBI, ICICI Bank, HSBC, Bank of Baroda, Citibank, Canara Bank and Yes Bank.

READ | WATCH | Mehul Choksi Makes Second On-camera Appearance, Blames PNB For Misinforming The Agencies

Advertisement

Published March 26th, 2019 at 17:36 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

Bollywood actor Govinda
a few seconds ago
Shashank Srivastava and Partho Banerjee
4 minutes ago
India Registers stern objection to US remarks on Kejriwal
6 minutes ago
A Matador fell into a gorge in J&K's Poonch, injuring 9.
8 minutes ago
Hacker
10 minutes ago
Sakshi Tanwar
11 minutes ago
Game Changer
13 minutes ago
chain snatching
19 minutes ago
Shahjahan Sheikh in CBI Custody: First Visual Emerges | WATCH
20 minutes ago
UP: Father-Son Die After Being Hit By Vehicle During Morning Walk
21 minutes ago
Heinrich Klassen's daughter
22 minutes ago
Arvind Kejriwal
26 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo