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| Exchange Disseminated Time 25/07/2016 18:05:19 | Punjab National Bank has informed BSE that Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs. 30 million (rupees thirty million only) on the Bank in exercise of powers conferred under Section 47 (A) (1) (c) read with Section 46 (4) (i) of Banking Regulation Act, 1949.
The Bank has taken necessary preventive measures/comprehensive action plan to avoid its recurrence.
Though the amount of penalty is not material to the size of the Bank, reporting is done in terms of SEBI (LODR) Regulations 2015. |
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