7.6 C
London
Friday, March 29, 2024
HomeNewsIndia NewsPNB case: Will take appropriate supervisory action, says RBI

PNB case: Will take appropriate supervisory action, says RBI

Date:

Related stories

Sadhguru discharged from hospital after brain surgery

SPIRITUAL leader Sadhguru was discharged from a private hospital...

India summons US envoy after remarks on Kejriwal arrest

India on Wednesday summoned a top United States diplomat...

Heart rhythm specialists to treat patients in India

Charity organisation Arrhythmia Alliance Pace4Life (A-A P4L) is sending...

Police step in as Indian brothers transform car into ‘helicopter’

INDIAN police seized a DIY car project from two...

Modi’s party acting out of panic, says India’s opposition

VARIOUS constituents of the INDIA bloc condemned Delhi chief...

The Reserve Bank today said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take “appropriate supervisory action”.
The country’s second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi.
In a statement, the central bank said it has already undertaken a supervisory assessment of control systems in Punjab National Bank (PNB).
“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 already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action,” it said.
The RBI also denied media reports that it had directed PNB to meet its commitments under the letters of undertaking (LoUs) to other banks.
State-owned PNB detected a USD 1.77 billion scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here

sixteen − 8 =