RBI’s statement on fraud in Punjab National Bank

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....BI’s statement on fraud in Punjab National Bank <br>News and Press Release<br>Dated:- 17-2-2018<br><BR>There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 bill....

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....ion 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 gi....

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....ven 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 alr....

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