Money & Banking

A failure of internal controls: RBI

Our Bureau Mumbai | Updated on February 16, 2018 Published on February 16, 2018

The Reserve Bank of India on Friday said it has already undertaken a supervisory assessment of the control systems at PNB and will take appropriate supervisory action.

The central bank, in a statement, said the fraud in PNB is a case of operational risk arising on account of delinquent behaviour by one or more employees of the bank and failure of internal controls.

Further, referring to reports to the effect that the RBI has directed PNB to meet its commitments under the LoU to other banks, the central bank said it has not given any such instructions.

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Published on February 16, 2018
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