RBI’s statement on fraud in PNB-No instruction given to PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks.
Reserve Bank of India (RBI), in a statement issued yesterday has denied having directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI categorically RBI denied having given any such instructions.
RBI has rebutted the reports in the media that in the wake of fraud involving a sum of USD 1.77 billion 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.
The RBI clarified that 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 already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action.
Before staying CESTAT order the High Court should have framed the substantial questions of law and thereafter could have passed…
Chartered Accountant issuing Form 15CB not required check genuineness or otherwise of documents submitted by his clients – Supreme Court…
Ongoing investigation qua absconding person, cannot be a ground to deny bail to person against whom the investigations have been…
Accommodation entry operators also routinely obtain PAN, file ITRs, and maintain bank accounts, to give a facade of legitimacy to…
ICAI sets up two new branches : at Morbi and Bhiwandi The Institute of Chartered Accountants of India (ICAI) has…
Central Government notifies amended Protocol between India and Belgium for Avoidance of Double Taxation and the Prevention of Fiscal Evasion…