RBI imposes Rs 1.31 crore fine on Punjab National Bank

The Reserve Bank of India on Friday imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-compliance. The central bank said in a statement that the penalty has been imposed based on the supervisory assessment of the accounts as of March 2022.

The bank advanced loans to two state government companies based on receipts of subsidy, refund or reimbursement.

The bank also failed to preserve records relating to the identities and addresses of customers obtained in the course of business relationships in certain accounts.

This action is based on deficiencies in regulatory compliance and is not intended to call into question the validity of any transaction or agreement entered into by the bank with its customers. Further, the imposition of monetary penalty does not prejudice any other action that may be initiated against the bank by the RBI.

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