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.