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PNB to Pay ₹2 Crores Fine for Violating SWIFT Norms
March 28, 2019
The Reserve Bank of India (RBI) imposed a fine of ₹2 crores on Punjab National Bank (PNB) for failing to comply with the regulatory directions for SWIFT operations. However, as many as 36 public sector banks (PSBs) have been fined to the tune of ₹71 crores so far by the central bank for non-compliance with the norms.
SWIFT is an enterprise-level messaging service that’s used by banks across the globe for financial transactions. Violation of this service was the main reason behind the ₹14,000 crores scam that was a brainchild of jeweller Nirav Modi.
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