RBI slaps penalty on Punjab National Bank |
Once again taking a tough stand on the private banks the Reserve Bank of India imposes heavy penalty for non-compliance of regulatory directions on the Punjab National Bank. India`s Federal Bank, The Reserve Bank of India has slapped a penalty of 290 thousand dollars on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations. SWIFT is a global messaging software used for sharing information on inter-bank transactions by financial entities. In a regulatory filing, the bank said, the Reserve Bank in a letter dated March 25 has informed the bank about the penalty. Earlier this year, the Reserve Bank had imposed penalties worth 10.3 million dollars on 36 public, private and foreign banks for non-compliance with various directions on time-bound implementation and strengthening of SWIFT operations.
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