New Delhi- In connection of imposition of penalty on 36 banks for non-compliance with various directions issued by the Reserve Bank of India on time bound implementation and strengthening of SWIFT related operational controls, RBI has imposed a monetary penalty of Rs 20 million on Punjab National Bank for non-compliance with aforesaid directions issued by RBI. This penalty has been imposed in 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 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.