Punjab National Bank trades in red after RBI imposes monetary penalty of Rs 1.31 crore
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Punjab National Bank is currently trading at Rs. 122.70, down by 0.05 points or 0.04% from its previous closing of Rs. 122.75 on the BSE.
The scrip opened at Rs. 122.70 and has touched a high and low of Rs. 123.40 and Rs. 122.10 respectively. So far 289531 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 142.90 on 30-Apr-2024 and a 52 week low of Rs. 57.56 on 07-Jul-2023.
Last one week high and low of the scrip stood at Rs. 123.90 and Rs. 119.95 respectively. The current market cap of the company is Rs. 135215.27 crore.
The promoters holding in the company stood at 73.15%, while Institutions and Non-Institutions held 17.18% and 9.67% respectively.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank (PNB) for non-compliance with certain directions related to KYC and 'loans and advances'. RBI conducted a statutory inspection of the bank with reference to its financial position as on March 31, 2022. A notice was issued to the bank.
The monetary penalty was imposed as bank sanctioned working capital demand loans to two state government-owned corporations against amounts receivable from government by way of subsidies/ refunds/ reimbursements. Also, the bank failed to preserve the records pertaining to the identification of customers and their addresses obtained during the course of business relationship in certain accounts.
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.
