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RBI imposes penalty of Rs 1 crore on PNB

14 Nov 2020 Evaluate

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on Punjab National Bank (PNB) for contravention of the Payment and Settlement Systems Act. RBI has observed that the Bank was operating a bilateral ATM sharing arrangement with Druk PNB Bank Ltd, Bhutan, (international subsidiary of the Bank), since April, 2010 without the prior approval / authorisation from RBI.

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.

Peers
Company Name CMP
State Bank Of India 947.05
PNB 113.80
Bank Of Baroda 233.45
Canara Bank 118.10
Union Bank Of India 171.25
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