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PNB fined 2 Crores
March 29 , 2019
1940 days
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- The Reserve Bank of India (RBI) has slapped a penalty of 2 crores on Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations.
- SWIFT is a global messaging software used for transactions by financial entities.
- SWIFT which stands for Society for Worldwide Interbank Financial Telecommunications.
- SWIFT code is used for international fund transfer.
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