Case Brief
What Happened
RBI imposed a monetary penalty of Rs 2 crore on Punjab National Bank by order dated June 07, 2021. The penalty was for non-compliance with RBI directions on fraud classification/reporting and large common exposures, including delays in reporting frauds and failures to ensure data accuracy and integrity in CRILC/RBI submissions. RBI said the action was based on deficiencies in regulatory compliance and was not a judgment on the validity of the bank's transactions or customer agreements.