New Delhi, March 26: The Reserve Bank of India on Tuesday imposed a penalty of whopping Rs 2 crores on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations. SWIFT is a global messaging tool (software) used for transactions by financial entities. The Rs 14,000 crore fraud by fugitive diamantaire Nirav Modi and Mehul Choksi, his uncle, was a case of misuse of this messaging software. PNB Interest Rates Reduced by 10 Basis Points From March 1.

"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," RBI informed in a letter to PNB. PNB Sanctions Loans Worth Rs 689 Crore to 1,600 MSMEs via psbloansin59minutes.com.

Earlier this year, the RBI had slapped fines worth Rs 71 crore on 36 private, public and foreign bank, including Bank of Baroda, HSBC, ICICI Bank, SBI, City Union Bank and Yes Bank, for non-compliance with various directions on time-bound implementation and strengthening of SWIFT operations. However, the list did not include Punjab National Bank.

(The above story first appeared on LatestLY on Mar 26, 2019 06:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).