RBI imposes 1.31 cr fine on PNB
Millennium Post Delhi|July 06, 2024
The RBI on Friday said it has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-compliance with certain directions related to KYC and ‘loans and advances’.

The Reserve Bank said it conducted a statutory inspection of the bank with reference to its financial position as on March 31, 2022. A notice was issued to the bank.

After considering the bank’s reply to the notice, RBI said it found that PNB sanctioned working capital demand loans to two state government-owned corporations against amounts receivable from government by way of subsidies/ refunds/ reimbursements.

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