Reserve Bank of India (RBI) has imposed penalty of Rs 50 lakh on Punjab National Bank (PNB) for delay in reporting of fraud in the account of Kingfisher Airlines. “RBI observed from the fraud monitoring report-1 submitted by bank on July10, 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
