RBI Slaps Rs 2 Crore Penalty On PNB

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.

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