 "RBI fines PNB Rs 50 lakh for delay in reporting Kingfisher Airlines fraud")
State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines.
"RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines Limited," PNB said in a regulatory filing.
In exercise of the powers conferred under various sections of the Banking Regulation Act, 1949, a penalty of Rs 50 lakh was imposed by the RBI on the bank, it added.
In a separate filing, Bank of Baroda said the RBI has imposed a fine of Rs 50 lakh on it for delay in reporting fraud in an account.
Meanwhile, State Bank of India (SBI) also said that the RBI has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.