The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on Punjab & Sind Bank for non-compliance of RBI directives for time bound implementation and strengthening of SWIFT related operational controls.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
