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02 February, 2023 13:16 IST
RBI imposes penalty of Rs 1.80 crore on Punjab National Bank
Source: IRIS | 17 Dec, 2021, 08.42PM
Rating: NAN / 5 stars.
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Reserve Bank of India (RBI) has imposed penalty of Rs 1.80 crore on Punjab National Bank (PNB). The Central Bank has imposed for contravention of sub-section 2 of section 19 of the Banking Regulation Act, 1949 (the Act). Penalty was based on deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers.

Shares of the bank declined Rs 1.40, or 3.55%, to settle at Rs 38. The total volume of shares traded was 4,557,450 at the BSE (Friday).

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