Latest News | RBI Imposes Rs 1.31 Cr Penalty on Punjab National Bank

Mumbai, Jul 5 (PTI) The RBI on Friday said it has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-compliance with certain directions related to KYC and 'loans and advances'.

The Reserve Bank said it conducted a statutory inspection of the bank with reference to its financial position as on March 31, 2022.

Also Read | Shillong Teer Results Today, July 05 2024: Know Winning Numbers, Result Chart for Shillong Morning Teer, Shillong Night Teer, Khanapara Teer, Juwai Teer and Jowai Ladrymbai.

A notice was issued to the bank.

After considering the bank's reply to the notice, RBI said it found that PNB sanctioned working capital demand loans to two state government-owned corporations against amounts receivable from government by way of subsidies/ refunds/ reimbursements.

Also Read | Shillong Teer Results Today, July 04 2024: Know Winning Numbers, Result Chart for Shillong Morning Teer, Shillong Night Teer, Khanapara Teer, Juwai Teer and Jowai Ladrymbai.

Also, the public sector lender failed to preserve the records pertaining to the identification of customers and their addresses obtained during the course of business relationship in certain accounts, RBI said.

The central bank, however added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreement entered into by the bank with its customers.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)