RBI fines Punjab National Bank Rs 50 lakh

RBI fines Punjab National Bank Rs 50 lakh

RBI has imposed a penalty of Rs 50 lakh on Punjab National Bank (PNB). Because of from the fraud monitoring report-1 submitted by Punjab National Bank on July 10, 2018, in the account of Kingfisher Airlines Limited. The Managing Director & Chief Executive Officer of PNB is Sunil Mehta.

“RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines Limited,” PNB said in a regulatory filing.

In exercise of the powers conferred under various sections of the Banking Regulation Act, 1949, RBI fines PNB Rs 50 lakh, it added. In a separate filing, Bank of Baroda said the RBI has imposed a fine of Rs 50 lakh.


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