Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹20 million (₹2 crore) on Punjab National Bank by an order dated February 25, 2019. The penalty was imposed for non-compliance with RBI directions on time-bound implementation and strengthening of SWIFT-related operational controls, under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. RBI said the action reflected the extent of non-compliance and was based on deficiencies in regulatory compliance, and it was not intended to pronounce on the validity of any customer transaction or agreement.