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      Question

      What is the monetary penalty imposed by the RBI on

      Punjab National Bank for levying penal charges on inoperative accounts?
      A тВ╣38.60 lakh Correct Answer Incorrect Answer
      B тВ╣29.60 lakh Correct Answer Incorrect Answer
      C тВ╣61.40 lakh Correct Answer Incorrect Answer
      D тВ╣45.00 lakh Correct Answer Incorrect Answer
      E тВ╣50.25 lakh Correct Answer Incorrect Answer

      Solution

      The RBI imposed a fine of тВ╣29.60 lakh on Punjab National Bank (PNB) due to its violation of regulatory norms related to customer service , particularly for levying penal charges on inoperative accounts . This goes against RBIтАЩs prescribed customer service norms, which emphasize fair practices. The penalty was enforced following findings from the Inspection for Supervisory Evaluation (ISE 2023) and a subsequent show-cause notice .

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