February 16, 2018 / 3:23 PM / 4 months ago

RBI says will take 'supervisory action' against fraud-hit PNB

MUMBAI (Reuters) - The Reserve Bank of India said on Friday it has “undertaken a supervisory assessment of control systems” at Punjab National Bank and will take “appropriate supervisory action” after the lender disclosed this week it had been hit by a $1.77 billion scam.

FILE PHOTO: The logo of Punjab National Bank is seen outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville/File Photo

The RBI also denied a report from The Economic Times newspaper that PNB had been asked to assume all liabilities arising from the fraud, according to a statement.

“RBI denies having given any such instructions,” the statement said.

Reporting by Promit Mukherjee; Editing by Rafael Nam

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