RBI’s statement on fraud in Punjab National Bank

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..... RBI’s statement on fraud in Punjab National Bank
News and Press Release
Dated:- 17-2-2018

There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billi .....

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..... on that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having giv .....

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..... en any such instructions. The fraud in PNB is a case of operational risk arising on account of delinquent behaviour by one or more employees of the bank and failure of internal controls. RBI has alre .....

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..... ady undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action. Jose J. Kattoor Chief General Manager
News - Press release - PIB .....

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