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”.<\/p>\n
The country’s second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi.<\/p>\n
In a statement, the central bank said it has already undertaken a supervisory assessment of control systems in Punjab National Bank (PNB).<\/p>\n
“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.<\/p>\n
“RBI has already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action,” it said.<\/p>\n
The RBI also denied media reports that it had directed PNB to meet its commitments under the letters of undertaking (LoUs) to other banks.<\/p>\n
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.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
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…<\/p>\n","protected":false},"author":1,"featured_media":7250,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,4],"tags":[],"_links":{"self":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/7249"}],"collection":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7249"}],"version-history":[{"count":1,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/7249\/revisions"}],"predecessor-version":[{"id":7251,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/7249\/revisions\/7251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/media\/7250"}],"wp:attachment":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}