- RBI has imposed a total fine of Rs 1.32 crore on Punjab National Bank.
- The penalty has been imposed for violating the rules related to Know Your Customer (KYC) as well as loans and advances.
- PNB had given working capital demand loans to two state government-owned companies.
- These loans were given in lieu of the amount received from the government in the form of subsidy, refund or reimbursement.
- PNB failed to maintain records related to the identity of the customers and their addresses.
Tags:
Economics
