RBI fines PNB Rs 1.31 crore for violating 'Loans and Advances' and 'KYC' norms.
The Reserve Bank of India (RBI) fined Punjab National Bank (PNB) Rs 1.31 crore for violating 'Loans and Advances' and 'Know Your Customer (KYC)' norms. PNB was found to have granted working capital demand loans based on government subsidies and failed to maintain customer identification and address records. The penalty is based on regulatory compliance deficiencies and won't affect transactions or agreements with customers.
July 05, 2024
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