Money & Banking

RBI imposes Rs 50 lakh fine on PNB for delay in reporting Kingfisher Airlines account fraud

PTI New Delhi | Updated on August 03, 2019 Published on August 03, 2019

State-owned Punjab National Bank (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 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.

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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on August 03, 2019
This article is closed for comments.
Please Email the Editor