RBI imposes fine on PNB for delay in reporting fraud in Kingfisher Airlines account
A penalty of Rs 50 lakh was imposed by the RBI on the bank.
![The Nirav Modi fraud-hit Punjab National Bank (PNB) led the pack with the largest amount of NPAs worth Rs 86,620 crore during 2017-18. The Nirav Modi fraud-hit Punjab National Bank (PNB) led the pack with the largest amount of NPAs worth Rs 86,620 crore during 2017-18.](https://s3.ap-southeast-1.amazonaws.com/images.asianage.com/images/aa-Cover-u2ucq5fc7lk24ucctule2hrkn4-20180813002959.Medi.jpeg)
The merger is scheduled to come into force from April 1 next year.
New Delhi: State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines.
"RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines Limited," PNB said in a regulatory filing.
In exercise of the powers conferred under various sections of the Banking Regulation Act, 1949, a penalty of Rs 50 lakh was imposed by the RBI on the bank, it added.
In a separate filing, Bank of Baroda said the RBI has imposed a fine of Rs 50 lakh on it for delay in reporting fraud in an account.
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