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.
CBDT has issued 23 FAQs on transition provisions under Section 536 of the Income-tax Act, 2025 CBDT has issued 23…
Respondent assesse, under Rule 27 not entitled to raise a ground which would work adversely to the appellant Revenue -…
If judicial conscience of a final court of fact is not satisfied about the valid execution of the Will, it…
SC laid downs guidelines for use of ITRS for assessing annual income of deceased person under Motor Vehicles Act 1988…
CBDT condones delay in filing Form No. 10AB furnished electronically between 01.10.2025 to 31.03.2026. CBDT has condoned the delay in…
Supreme Court expresses serious concerns over AI generated judgments/paragraphs relied upon by the NCLT/NCLAT In a recent judgment, the Hon'ble…