Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
02 February, 2023 14:21 IST
RBI imposes penalty on Punjab National Bank
Source: IRIS | 08 Jun, 2021, 08.20PM
Rating: NAN / 5 stars.
Comments  |  Post Comment

Reserve Bank of India (RBI) vide its Order dated June 7, 2021, has imposed a penalty of Rs 20 million on Punjab National Bank (PNB), one of the leading public sector lenders in India, for contravention of norms, including one related to 'Frauds - Classification and Reporting'.

RBI's statutory Inspection for Supervisory Evaluation (ISE) of Bank of India was conducted with reference to its financial position as on March 31, 2019.

Examination of the risk assessment report pertaining to the ISE and the FMR revealed non-compliance with/contravention of directions, viz., delay in reporting of frauds and not ensuring data accuracy and integrity while submitting data on CRILC platform/ to RBI.

In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for such violations of the said directions.

After considering the bank's reply to the notice, oral submissions made in the personal hearing and examination of additional submissions submitted by the bank, RBI came to the conclusion that the charges of non-compliance with/contravention of the aforesaid RBI directions were substantiated and warranted imposition of monetary penalty.

 Post Comment
Name Email
Security Code type    into this box
Related Articles
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer