RBI Imposes Rs2 Crore Penalty on Punjab National Bank for Non-Compliance with SWIFT Controls
Moneylife Digital Team 26 March 2019
The Reserve Bank of India (RBI) has imposed a penalty of Rs2 crore on state-run Punjab National Bank (PNB) for non-compliance of regulatory directions about SWIFT operations.
 
In a regulatory filing, the lender says, it has received a letter from the central bank informing about the Rs2 crore penalty for violating regulatory guidance in implementation of SWIFT related operational controls.  
 
The SWIFT system is a messaging network used by banks and other financial institutions globally to send and receive information, such as money transfer instructions.
 
The SWIFT system gained spotlight after the Rs14,000-crore fraud at the Punjab National Bank that took place reportedly due to misuse of this messaging software.
 
After the fraud came to light in February 2018, the RBI has been tough on banks for tightening all kinds of transactions.
Comments
MT
7 years ago
RBI is following global standards , penalise a meagre amount on bank for wrong actions and move on
Dr.Dhananjaya Bhupathi
7 years ago
Is the penalty imposed by RBI on PNB for swift operations before or after the fraud came to light?
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