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RBI imposes Rs 50 lakh fine on PNB, SBI

"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.

Punjab National Bank

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Published : Aug 3, 2019, 3:57 PM IST

Updated : Aug 3, 2019, 7:24 PM IST

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

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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.

State Bank of India (SBI) on Saturday said the Reserve Bank has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.

The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty of Rs 50 lakh on the bank for non-compliance with its directions relating to reporting of frauds, SBI said in a regulatory filing.

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

Last Updated : Aug 3, 2019, 7:24 PM IST

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