RBI imposes penalty of Rs 2 crores on PNB

PNB

New Delhi, March 26: The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 2 crores on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations.

The multi-crore fraud perpetrated by diamantaire Nirav Modi and his uncle Mehul Choksi at the PNB was a case of misuse of SWIFT.

“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,” it said.

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