Supreme Court: Appellate Courts Cannot Overturn Trial Court Verdicts Without Independent Reasons  ||  Supreme Court Acquits Three Men in 1979 Murder Case, Finding Serious Flaws in the Prosecution Case  ||  Supreme Court: Magistrate Cannot Order Filing of Chargesheet After Police Submit Closure Report  ||  Supreme Court: Landowners Cannot Claim Denial of Hearing After Failing to Avail the Opportunity  ||  Supreme Court: Property in Sale Deed Cannot Be Altered by Rectification Without Transferor's Consent  ||  Ahead of Rath Yatra, Orissa High Court Stays Release of 'Mahaprabhu Jagannath' Over Peace Concerns  ||  Gujarat High Court: Ancient Hindu Law Did Not Recognise Adoption of Girls Before HAMA  ||  Bombay High Court Orders DGP to Assess CCTV Systems and Footage Preservation at Police Stations  ||  Allahabad HC: Mother Receiving Maintenance from Real Son Cannot Claim it from Step-Son  ||  CCPA Imposes Rs.1 Lakh Penalty on SpiceJet Over Dark Patterns Used for Loyalty Programme Consent    

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