RBI: Will take appropriate supervisory action in PNB fraud case

On Friday, the Reserve Bank of India said that it has already undertaken an assessment of control systems at Punjab National Bank. The RBI added that it will take appropriate supervisory action.



At present the PNB fraud emerged as the prime headline in the coutry as it involves a Rs 11,400 crore fraud allegedly by India’s diamond merchant Nirav Modi.

The statement said, “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.”

It added, “RBI has already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action.”

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