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Punjab National Bank receives warning letter from markets regulator

Reuters  |  MUMBAI 

(Reuters) - India's state-owned (PNB) said on Thursday it has received a warning letter from India's markets regulator for failing to make timely disclosures to the stock exchanges related to a sprawling $2 billion

In a securities filing on Thursday, PNB disclosed that the compliance and monitoring division of the had sent it a warning letter on May 15, stating it had noted delays of 1 to 6 days on the part of the in making disclosures related to the - the largest ever in Indian history.

PNB, India's second-largest state-run bank, said in February two had defrauded it of more than $2 billion by raising credit from overseas branches of other Indian banks via illegal guarantees issued by rogue PNB staff over several years.

(Reporting by Euan Rocha; Editing by Himani Sarkar)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 14:34 IST