{"id":326003,"date":"2024-07-08T10:30:32","date_gmt":"2024-07-08T05:00:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=326003"},"modified":"2024-07-08T09:50:05","modified_gmt":"2024-07-08T04:20:05","slug":"rbi-imposes-penalty-of-1-31-crore-on-punjab-national-bank-for-non-compliance-with-directions-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/07\/08\/rbi-imposes-penalty-of-1-31-crore-on-punjab-national-bank-for-non-compliance-with-directions-legal-news\/","title":{"rendered":"RBI imposes penalty of Rs. 1.31 Crore on Punjab National Bank for non-compliance of directions on ‘Loans and Advances’ and ‘KYC’"},"content":{"rendered":"
\n

By an order dated 03-07-2024, the Reserve Bank of India (‘RBI’) imposed a monetary penalty of Rs. 1,31,80,000 on Punjab National Bank (‘PNB’) for non-compliance with certain directions issued by RBI on ‘Loans and Advances — Statutory and Other Restrictions and the RBI (Know Your Customer) Direction, 2016<\/a>.<\/p>\n

Background<\/p>\n

The Statutory Inspection for Supervisory Evaluation of PNB was conducted by RBI with reference to its financial position on 31-03-2022.<\/p>\n

After consideration of the reply given by PNB to the show cause notice issued to them, RBI found that the charges against PNB were sustained and called for the imposition of a monetary penalty.<\/p>\n

The charges against PNB were:<\/p>\n

    \n
  1. \n

    It sanctioned working capital demand loans to two State Government owned corporations against the amount’s receivable from the Government through subsidies\/refunds\/reimbursements.<\/p>\n<\/li>\n

  2. \n

    It failed to preserve the records related to the identification of customers and their addresses obtained by them during the course of business relationships in certain accounts.<\/p>\n<\/li>\n<\/ol>\n

    RBI further clarified that this action was based on deficiencies in regulatory compliance and is not related to the validity of any transaction or agreement that PNB may have entered into with its customers.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    The Reserve Bank of India imposed monetary penalty on Punjab National Bank due to deficiencies in regulatory compliance.<\/p>\n","protected":false},"author":67011,"featured_media":323058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[70689,70688,34616,30681,34955,2611],"class_list":["post-326003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-kyc-directions","tag-loans-and-advances-directions","tag-monetary-penalty","tag-non-compliance","tag-punjab-national-bank","tag-RBI"],"yoast_head":"\nRBI imposes penalty of 1.31 Crore on Punjab National Bank for non-compliance with directions | SCC Times<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India imposes penalty of 1.31 Crore on Punjab National Bank for non-compliance with 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The penalty has been imposed\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":327755,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/08\/01\/legislation-roundup-july-2024-legal-update\/","url_meta":{"origin":326003,"position":4},"title":"LEGISLATION ROUNDUP JULY 2024: Rules on Category L2-5; SEBI circulars on MFs, Stock Brokers; RBI penalty on PNB; and more","author":"Kriti","date":"August 1, 2024","format":false,"excerpt":"MINISTRY OF ROAD AND TRANSPORT AND HIGHWAYS Rules regarding Category L2- 5 introduced vide CMV (Eighth Amendment) Rules, 2024 On 26-6-2024, the Ministry of Road Transport and Highways notified the Central Motor Vehicles (Eighth Amendment) Rules, 2024 to amend the Central Motor Vehicles Rules, 1989. The provisions came into force\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Legislation Roundup July 2024","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/Legislation-Roundup-July-2024.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/Legislation-Roundup-July-2024.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/Legislation-Roundup-July-2024.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/Legislation-Roundup-July-2024.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":269681,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/06\/rbi-imposes-rs-1-5crore-penalty-on-kotak-mahindra-bank-ltd-for-deficiency-in-regulatory-compliance\/","url_meta":{"origin":326003,"position":5},"title":"RBI imposes Rs.1.5 crore penalty on Kotak Mahindra Bank Ltd for deficiency in regulatory compliance","author":"Editor","date":"July 6, 2022","format":false,"excerpt":"The Reserve Bank of India (\u2018RBI') has imposed a penalty of Rs. 1.5 crore on Kotak Mahindra Bank Ltd.(\u2018Kotak') for contravening the provisions of the Banking Regulation Act, 1949, the Depositor Education and Awareness Fund Scheme, 2014, and RBI directions. As per the Statutory Inspection for Supervisory Evaluation(\u2018ISE') conducted by\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/326003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=326003"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/326003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/323058"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=326003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=326003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=326003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}