RBI imposed a fine of Rs 1.31 crore on PNB, know why action was taken

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RBI imposed a fine of Rs 1.31 crore on PNB, know why action was taken
RBI imposed a fine of Rs 1.31 crore on PNB, know why action was taken

The RBI on Friday said it has imposed a fine of Rs 1.31 crore on Punjab National Bank (PNB) for non-compliance of certain instructions related to Know Your Customer (KYC) and loans and advances. The RBI said it conducted a statutory inspection with respect to the bank’s financial position as on March 31, 2022. After that a notice was issued to the bank.

The RBI on Friday said it has imposed a penalty of Rs 1.31 crore on Punjab National Bank (PNB) for non-compliance of certain directions related to ‘know your customer’ (KYC) and ‘loans and advances’.

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RBI said that it conducted a statutory inspection with respect to the financial position of the bank as on March 31, 2022. After that a notice was issued to the bank.

After considering the bank’s response to the notice, RBI found that PNB had sanctioned working capital demand loans to two state government-owned corporations against the amounts received from the government by way of subsidy/refund/reimbursement.

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