The Reserve Bank of India has imposed a penalty of Rs 2 crore 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.
Earlier this year, the Reserve Bank had imposed penalties worth 71 crore rupees 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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