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RBI fines PNB Rs 50 lakh for delay in reporting Kingfisher Airlines fraud

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

Press Trust of India  |  New Delhi 

Punjab National bank, PNB

State-owned (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

"RBI observed from the fraud monitoring report-1 submitted by on July, 10 2018 that the bank had delayed the reporting of fraud in the account of 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. Meanwhile, State Bank of India (SBI) also said that the RBI 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.

First Published: Sat, August 03 2019. 15:20 IST
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