RBI imposes Rs.1.8 crore penalty on Punjab National Bank

RBI has imposed Rs.1.8 crore monetary penalty on Punjab National Bank (PNB).  

New Delhi: The Reserve Bank of India (RBI) on Wednesday imposed Rs.1.8 crore monetary penalty on Punjab National Bank (PNB) for 'deficiencies in regulatory compliance'.

"The Reserve Bank of India (RBI) has, by an order dated December 15, 2021, imposed a monetary penalty of Rs.1.80 crore on Punjab National Bank (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act), the RBI said in a statement. 

"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," it added.