RBI penalizes PNB with ₹2 Crore for non-compliance of SWIFT norms

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. https://twitter.com/ANI/status/1168037199767457792 Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

The Reserve Bank of India (RBI) imposed 2 Crore penalty on the state owned Punjab National Bank (PNB) for non-compliance of directions on Swift messaging software. Swift which stands for Society for Worldwide Interbank Financial Telecommunications is a software used by financial entities for the secure transaction of messages and instruction using standard codes.

“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 20 million … on Punjab National Bank,” it said.

Last year, the infamous fraud 14,000 Crore in the Punjab National Bank (PNB) was due to the misuse of Swift messenger. Since that the central bank has been very strict about the compliance of norms.

Since the inception of a separate Enforcement department to regulate the violation in banking norms by various banks, Central Bank’s punitive against against the defaulters have substantially increased.

Earlier this year, RBI imposed penalties of worth 71 crore on about public sector, private sector as well as foreign banks for the non-compliance of various norms and strengthening of SWIFT operations. PNB bank is getting penalized by RBI for the first time for non-compliance of Swift norms while earlier big lenders like ICICI bank, SBI, Canara Bank, Citi Bank and Yes Bank were penalized by banking regulator.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

‘Plea of democracy’ : Hong Kong activists urge US Congress to pass bill against human rights abuses

Washington DC, Sep 18: Leaders of pro-democratic Hong Kong movement has on Tuesday appealed directly to United States lawmakers to...

Dr. Harsh Vardhan shares progress-card of Ayushman Bharat; says hospitals involved in fraudulent acts would be “named and shamed”

Speaking to the media on Tuesday, Union Health Minister Dr. Harsh Vardhan said that the government would come down heavily on those found indulging...

Delhi High court transfers 2G case to special judge Ajay Kumar Kuhar

In a new development to the 2G case, Delhi High Court has transferred the 2G case to the court of special judge Ajay Kumar...

Aam Aadmi Party to launch “Dalit outreach” program ahead of Delhi polls; targets to visit 5,500 Dalit Bastis

In a bid to win the heart of Delhi-voters, Aam Aadmi Party has come out with its new program. This time, the party is...

Amid Middle East tensions, Mike Pompeo embarks on 2-day visit to Saudi Arabia, UAE post oil attacks

Washington DC, Sep 18: Mike Pompeo, the US secretary of state, has on Tuesday embarked on an official two-day visit to the Middle East in...
- Advertisement -

More Articles Like This