SC: Absence of Independent Witnesses is Not Fatal if Injured Eyewitness Testimony is Sterling  ||  Supreme Court: Prosthetic Limb Costs Must Be Compensated To Restore Victims’ Dignity  ||  Supreme Court: Probate Can be Revoked For Non-Impleadment of Parties and Suppression of Facts  ||  SC: Plaint Cannot be Rejected For Valuation or Court Fee Defects Without Chance to Rectify  ||  SC Rules Government Grants Act Overrides Rent Law, Sets Aside Eviction Proceeding Against Union Govt  ||  SC: Civil Court Has No Jurisdiction in Boundary Dispute Between Maharashtra Panchayat & Municipality  ||  Allahabad HC: Two Criminal Cases Insufficient to Label a Person as 'Goonda' and Harm Reputation  ||  Bom HC: Sprinkling Mustard Without Ill Intent Before a House is Not an Offence under Black Magic Act  ||  J&K&L HC: Preventive Detention Invalid When Based on Speculative Fear of Election Disturbance  ||  Bombay High Court: POSH Act Penalises False Complaints by Women But Not Those Who Instigate Them    

Reserve Bank of India imposes monetary penalty on Punjab National Bank- (Reserve Bank of India) (27 Mar 2019)

MANU/RPRL/0063/2019

Banking

Reference is invited to the Press Release No. 2018-2019/2144 dated March 08, 2019 regarding imposition of penalty on 36 banks 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. In continuation thereto, RBI has imposed, by an order dated February 25, 2019, a monetary penalty of Rs. 20 million (Rupees Twenty Million) on Punjab National Bank (the bank) for non-compliance with aforesaid directions issued by RBI. 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 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.

Tags : DIRECTION   NON-COMPLIANCE   PENALTY   IMPOSITION  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved