Following the rising complaints in violation of rules in money exchange, the Reserve Bank of India has slapped a penalty of 71 crores on 36 banks in the country. Few of the most prominent banks that indulged in this violation were SBI among public sector banks and ICICI among private sector banks.

It has been said that the banks misused the SWIFT payment mode in an inappropriate manner that lead to RBI announcing the penalty. It was using SWIFT that the fugitive diamond merchant Nirav Modi had involved in a scam worth 14000 crores, where the victim was Punjab National Bank.

Just like the NEFT and IMPS used commonly for money transactions within India, for transfer of money across borders, SWIFT has been the payment mode, and RBI has become strict, monitoring the misuse of the SWIFT facility. PNB was imposed a fine of 2 crores , and every other bank that was involved in such wrong usage has been slapped with penalty amounting to a total of 71 crores from 36 banks.