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Punjab National Bank declines as RBI imposes penalty of Rs 2 crore

Punjab National Bank is currently trading at Rs. 41.65, down by 0.45 points or 1.07% from its previous closing of Rs. 42.10 on the BSE.

The scrip opened at Rs. 42.45 and has touched a high and low of Rs. 42.60 and Rs. 41.30 respectively. So far 7915271 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 46.40 on 19-Feb-2021 and a 52 week low of Rs. 26.30 on 29-Oct-2020.

Last one week high and low of the scrip stood at Rs. 44.95 and Rs. 41.10 respectively. The current market cap of the company is Rs. 45805.82 crore.

The promoters holding in the company stood at 76.87%, while Institutions and Non-Institutions held 12.01% and 11.12% respectively.

Reserve Bank of India (RBI) has imposed penalty of Rs 2 crore on Punjab National Bank (PNB) for contravention of norms, including one related to ‘Frauds -Classification and Reporting’. RBI’s statutory ISE of Punjab National Bank was conducted with reference to its financial position as on March 31, 2018 (ISE 2018) and March 31, 2019 (ISE 2019). The examination of the risk assessment reports pertaining to ISE 2018 and 2019 revealed non-compliance with/contravention of the aforesaid directions, viz., delay in reporting of frauds and not ensuring data accuracy and integrity while submitting data on CRILC platform/ to RBI.

The penalty has been imposed based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into them with customers.

PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.

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