RBI imposes penalty on BoI, PNB totalling Rs 6 crore

The RBI has imposed a penalty aggregating to Rs 6 crores on Bank of India and Punjab National Bank for contravention of norms, including one related to “Frauds – Classification and Reporting”. A penalty of Rs 4 crores has been imposed on the Bank of India and Rs 2 crores on Punjab National Bank.

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The bank had also conducted a review and submitted a Fraud Monitoring Report (FMR) dated January 1, 2019, pertaining to the detection of fraud in an account. In both cases, notices were issued to show cause as to why penalty should not be imposed on them for such violations of the directions.

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