RBI imposes Rs 1 crore penalty on Punjab National Bank

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.

Boost your General Awareness Knowledge with Adda247 Live Batch: TARGET GA BATCH | SBI Clerk Mains & RBI Assistant Mains Exams

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.

Find More Banking News Here

Leave a comment

Your email address will not be published. Required fields are marked *