Recently the Reserve Bank of India, imposed ?2 crore penalty on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations. It  is  a  messaging  network  that  financial  institutions  use  to securely transmit information and instructions through a standardized system of codes. The RBI has toughened the stance against banks on all kind of regulatory norms post PNB fraud which put it to question the ability of the central bank.As of 2018, around half all high-value cross-border payments worldwide used the SWIFT network.As of 2015, SWIFT linked more than 11,000 financial institutions in more than 200 countries and territories, who were exchanging an average of over 32 million messages per day (compared to an average of 2.4 million daily messages in 1995).SWIFT transports financial messages in a highly secure way but does not hold accounts for its members and does not perform any form of clearing or settlement.