RBI imposes monetary penalty on Punjab National Bank
Case Brief
The Reserve Bank of India imposed a monetary penalty on Punjab National Bank by order dated April 4, 2025. The penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949, after supervisory inspection findings showed non-compliance with RBI directions on Customer Service in Banks. RBI specifically found that the bank levied penal charges for non-maintenance of minimum balance in inoperative accounts.
RBI imposed a monetary penalty on Punjab National Bank under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949, following the ISE 2023 supervisory inspection. The penalty was based on supervisory findings that the bank had not complied with certain RBI directions on Customer Service in Banks, specifically that it levied penal charges for non-maintenance of minimum balance in inoperative accounts.
Severity Assessment
The action is a monetary penalty of Rs 29.60 lakh, which falls in the >Rs 5 lakh and <Rs 10 lakh band, giving severity 2.
Punjab National Bank must absorb the monetary penalty and address the compliance lapse identified by RBI. The release does not describe any operational restriction, but it signals continued supervisory scrutiny and the possibility of further action if similar non-compliance persists.
Published as Punjab National Bank
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Punjab National Bank
Monetary penalty · Fresh imposition
Punjab National Bank
Monetary penalty · Fresh imposition
Punjab National Bank
Monetary penalty · Fresh imposition
Punjab National Bank
Monetary penalty · Fresh imposition
Punjab National Bank
Monetary penalty · Fresh imposition
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