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RBI imposes Rs 1 crore penalty on Punjab National Bank

Sumit Arora Last updated on November 20th, 2020 12:49 pm Leave a comment

The Reserve Bank of India has imposed a penalty of Rs 1 crore on Punjab National Bank for violating the Payment and Settlement Systems Act, 2007. Punjab National Bank was operating a bilateral ATM-sharing arrangement with Druk PNB Bank Ltd., Bhutan, since April 2010 without prior approval or authorisation from India’s banking regulator.

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RBI imposed the Rs 1 crore penalty for “contravention of nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act).”

Important takeaways for all competitive exams:

Punjab National Bank Headquarters: New Delhi.
Punjab National Bank MD and CEO: S. S. Mallikarjuna Rao.
Punjab National Bank Founded: 19 May 1894, Lahore, Pakistan.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.