Reserve Bank of India (RBI) has imposed penalty of Rs 1.80 crore on Punjab National Bank (PNB). The Central Bank has imposed for contravention of sub-section 2 of section 19 of the Banking Regulation Act, 1949 (the Act). Penalty was based on deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers.
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.
