The Reserve Bank of India has slapped a penalty of.....on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Reserve Bank of India has slapped a penalty of____on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations.

A	Rs 5 crores
B	Rs 7 crores
C	Rs 11 crores
D	Rs 2 crores

Explanation:

Detailed explanation-1: -In a regulatory filing, the PNB said the Reserve Bank in a letter dated March 25 has informed the bank about the penalty. The RBI has slapped a penalty of Rs 2 crore on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations, the state-run lender said Tuesday.

Detailed explanation-2: -The Reserve Bank of India (RBI) has, by an order dated December 15, 2021, imposed a monetary penalty of ₹1.80 Crore (Rupees One Crore and eighty lakh only) on Punjab National Bank (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).

Detailed explanation-3: -RBI imposes monetary penalty on Federal Bank Limited This action is based on the 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.

Detailed explanation-4: -RBI imposes monetary penalty on IndusInd Bank Ltd (the bank) for non-compliance with certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.

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