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of <h1>RBI States No Directives Given to PNB for Commitments After $1.77 Billion Fraud; Supervisory Actions Planned.</h1> The Reserve Bank of India (RBI) clarified that it did not instruct Punjab National Bank (PNB) to fulfill commitments to other banks following a USD 1.77 billion fraud. The fraud is attributed to operational risk due to misconduct by some PNB employees and inadequate internal controls. RBI has conducted a supervisory assessment of PNB's control systems and plans to take suitable supervisory actions.
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