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.
Read more:Mahindra cuts e-Verito price by up to Rs 80,000
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.
