Reserve Bank of India (RBI) has imposed fine of Rs 1 crore on Punjab National Bank (PNB) for violating regulatory guidelines. In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed monetary penalty for non-compliance of regulatory guidelines.
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.
