Mumbai: State-run Punjab National Bank on Friday said the RBI has imposed a penalty of Rs 1 crore on it for contravention of the Payment and Settlement Systems Act.
“RBI has observed that the Bank was operating a bilateral ATM sharing arrangement with Druk PNB Bank Ltd, Bhutan, (international subsidiary of the Bank), since April, 2010 without the prior approval/authorisation from RBI,” it said in a stock exchange filing.
The Reserve Bank of India (RBI) imposed the Rs 1 crore penalty for “contravention of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act)”, it added. (AGENCIES)
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