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RBI Puts Rs 50 Lakh Fine On PNB For Delay In Reporting Kingfisher Airlines Fraud

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On Saturday, Punjab National Bank informed that exchanges of a penalty of Rs 50 lakh imposed by the Reserve Bank of India (RBI) for delay in reporting 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," it said.

RBI Puts Rs 50 Lakh Fine On PNB For Delay In Reporting Kingfisher Airlines Fraud
 

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 exercise of the powers conferred under section 47(A)(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949, a penalty of 50 Lakhs Only (Rs. Fifty Lakhs Only) is hereby imposed on Punjab National Bank," the statement said.

In a separate filing, Bank of Baroda informed of a Rs 50 lakh imposed on it by RBI for delay in reporting fraud in an account.

RBI imposed penalties worth Rs 11 crore on 7 public-sector banks

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