Business Companies 03 Aug 2019 RBI imposes fine on ...

RBI imposes fine on PNB for delay in reporting fraud in Kingfisher Airlines account

PTI
Published Aug 3, 2019, 3:37 pm IST
Updated Aug 3, 2019, 3:37 pm IST
A penalty of Rs 50 lakh was imposed by the RBI on the bank.
RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018.
 RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018.

New Delhi: State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines.

"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, a penalty of Rs 50 lakh was imposed by the RBI on the bank, it added.

In a separate filing, Bank of Baroda said the RBI has imposed a fine of Rs 50 lakh on it for delay in reporting fraud in an account.

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Location: India, Delhi, New Delhi




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