{"id":51607,"date":"2018-02-18T00:05:28","date_gmt":"2018-02-17T18:35:28","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=51607"},"modified":"2018-02-18T00:05:28","modified_gmt":"2018-02-17T18:35:28","slug":"will-take-appropriate-supervisory-action-pnb-case-rbi","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/will-take-appropriate-supervisory-action-pnb-case-rbi","title":{"rendered":"Will take appropriate supervisory action in PNB case : RBI"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"205\" data-attachment-id=\"51618\" data-permalink=\"https:\/\/www.legalindia.com\/news\/will-take-appropriate-supervisory-action-pnb-case-rbi\/pnb-fraud\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?fit=660%2C450&amp;ssl=1\" data-orig-size=\"660,450\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"pnb-fraud\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?fit=640%2C436&amp;ssl=1\" class=\"alignleft size-medium wp-image-51618\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?resize=300%2C205&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?resize=300%2C205&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?resize=147%2C100&amp;ssl=1 147w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?w=660&amp;ssl=1 660w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>The Reserve Bank today said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take &#8220;appropriate supervisory action&#8221;.<\/p>\n<p>The country&#8217;s second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi.<\/p>\n<p>In a statement, the central bank said it has already undertaken a supervisory assessment of control systems in Punjab National Bank (PNB).<\/p>\n<p>&#8220;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.<\/p>\n<p>&#8220;RBI has already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action,&#8221; it said.<\/p>\n<p>The RBI also denied media reports that it had directed PNB to meet its commitments under the letters of undertaking (LoUs) to other banks.<\/p>\n<p>State-owned PNB detected a USD 1.77 billion scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank today said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take &#8220;appropriate supervisory action&#8221;. The country&#8217;s second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi. In a statement, the central bank said it has already [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":51618,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[41698,41699,31987,41656,41696,18365,41697],"class_list":["post-51607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-1-77-billion-scam","tag-billionaire-jeweller-nirav-modi","tag-featured","tag-nirav-modi","tag-pnb-case","tag-rbi","tag-supervisory-action"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Will take appropriate supervisory action in PNB case : RBI - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The Reserve Bank today said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take &quot;appropriate - Get the latest legal news from the Supreme Court, High Courts, and government. 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A bench comprising Chief Justice Dipak Misra and Justices\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Nirav-Modi-and-Mehul-Choksi-300x168.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":51644,"url":"https:\/\/www.legalindia.com\/news\/pnb-fraud-pmla-case-ed-summons-nirav-modi-mehul-choksi","url_meta":{"origin":51607,"position":1},"title":"PNB fraud PMLA case : ED summons Nirav Modi and Mehul Choksi","author":"Legal India Admin","date":"February 20, 2018","format":false,"excerpt":"The ED today issued summons for appearance to billionaire diamond merchant Nirav Modi and his business partner Mehul Choksi in connection with its money laundering probe in the Rs 11,400 crore alleged fraud in Punjab National Bank (PNB), officials said. They said both Modi and Choksi were summoned under the\u2026","rel":"","context":"In &quot;Criminal Law News&quot;","block_context":{"text":"Criminal Law News","link":"https:\/\/www.legalindia.com\/news\/category\/criminal-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Nirav-Modi-and-Mehul-Choksi-300x168.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":51592,"url":"https:\/\/www.legalindia.com\/news\/ed-summons-nirav-modi-mehul-choksi-pnb-fraud-pmla-case","url_meta":{"origin":51607,"position":2},"title":"ED summons Nirav Modi and Mehul Choksi in PNB fraud PMLA case","author":"Legal India Admin","date":"February 16, 2018","format":false,"excerpt":"The ED today issued summons for appearance to billionaire diamond merchant Nirav Modi and his business partner Mehul Choksi in connection with its money laundering probe in the Rs 11,400 crore alleged fraud in Punjab National Bank (PNB), officials said. They said both Modi and Choksi were summoned under the\u2026","rel":"","context":"In &quot;Criminal Law News&quot;","block_context":{"text":"Criminal Law News","link":"https:\/\/www.legalindia.com\/news\/category\/criminal-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/nirav-modi-300x200.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":52194,"url":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud","url_meta":{"origin":51607,"position":3},"title":"RBI did not do proper auditing: CVC on PNB fraud","author":"Legal India Admin","date":"April 4, 2018","format":false,"excerpt":"Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank. Chowdary stressed the need to put into place a more robust auditing system. \"They did\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":53128,"url":"https:\/\/www.legalindia.com\/news\/nirav-modiaccused-of-a-2-billion-dollar-fraud-has-fled-to-uk","url_meta":{"origin":51607,"position":4},"title":"Nirav Modi,accused of a 2 billion dollar fraud has fled to UK","author":"Legal India Admin","date":"June 13, 2018","format":false,"excerpt":"NEW DELHI: Billionaire jeweler Nirav Modi, currently being accused of a 2 billion dollar fraud has fled to United Kindom seeking political asylum there. 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Choksi's lawyer Sanjay Abbot moved the application before special CBI court judge J C Jagdale. 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