For non-compliance of norms in relation to the SWIFT operations, the Reserve Bank of India (RBI) has slapped penalties of Rs 2 crore on Punjab National Bank (PNB), the lender said in a stock exchange filing.

SWIFT is a worldwide network between financial institutions used to send and receive information securely. The country's biggest fraud worth Rs 14,000 crore allegedly committed by billionaire diamond merchant Nirav Modi and his uncle Mehul Choksi at PNB's Brady House (Mumbai) branch was a result of misusing SWIFT software.

The bank in a regulatory filing said that the central bank has informed it of the penalty in a letter dated 25 March.

"In the matter of violations of regulatory directions by Punjab National Bank observed during assessment of implementation of SWIFT- related operational controls, the Reserve Bank of India, (imposes) an aggregate penalty of ₹20 million ... on Punjab National Bank," it said.

Earlier this month, RBI had imposed penalties on 36 public, private and international banks operating in India for not complying with the SWIFT operation norms. PNB was not one of them.