The Reserve Bank of India (RBI) has imposed a penalty of Rs 6 crore on Bank of India and Punjab National (PNB) Bank.
Mumbai: The Reserve Bank of India (RBI) on Monday took action against Bank of India and Punjab National (PNB) Bank for violating norms. RBI has imposed a total fine of Rs 6 crore on these two banks.
why fined
One of the cases in which action has been taken by the Reserve Bank of India (RBI) on Bank of India (Bank of India) and Punjab National (PNB) Bank is related to the rule of ‘Classification of fraud and reporting thereof’. A fine of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Punjab National Bank.
Negligence uncovered in risk assessment report
RBI said in a statement that the Statutory Inspection for LSE of Bank of India was done on 31 March 2019. The bank conducted a review and submitted a Fraud Monitoring Report (FMR) to detect fraud in an account. In a separate statement, RBI said that Punjab National Bank was inspected with reference to the financial position. The central bank said that the examination of the risk assessment report revealed that the norms have not been followed in these cases.
