PNB faces Rs 15.37 cr penalty from Appellate Tribunal under SAFEMA
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Punjab National Bank disclosed a Rs 15.37 crore monetary penalty imposed by the Appellate Tribunal under SAFEMA, linked to an FIU-India order dated 29 July 2019 under the Prevention of Money Laundering Act. The violation pertains to the review period from 1 April 2016 to 30 November 2017. The bank says corrective steps were taken after that period. The penalty amount is already fully provided for in the accounts, with no material impact on financials or operations. PNB is evaluating filing an appeal before the High Court within 45 days.
No material impact as penalty is fully provisioned; appeal option open; sentiment may be mildly negative due to ongoing regulatory issues.