The Reserve Bank of India has slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations. SWIFT is a global messaging software used for sharing information on inter-bank transactions by financial entities.
Source- Press Information Bureau (PIB)
Static/Current Takeaways Important For LIC AAO Mains Exam:
- SWIFT is abbreviated as Society For Worldwide Interbank Financial Telecommunications.
