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Mumbai : As per the press release from the Reserve Bank of India (RBI), it has imposed by an order dated February 25, 2019, a monetary penalty of ₹ 20 million (Rupees Twenty Million) on Punjab National Bank for non-compliance with various directions issued by the Reserve Bank of India (RBI) on time-bound implementation and strengthening of SWIFT-related operational controls.
This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by RBI and based on the extent of non-compliance in the bank. This is in continuation of penalty on 36 banks for similar non-compliance.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, says the release.
[RBI]