{"id":28839,"date":"2018-10-24T15:10:30","date_gmt":"2018-10-24T09:40:30","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28839"},"modified":"2018-10-24T15:10:30","modified_gmt":"2018-10-24T09:40:30","slug":"rbi-blames-pnb-board-for-fraud","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-blames-pnb-board-for-fraud\/","title":{"rendered":"RBI blames PNB board for fraud"},"content":{"rendered":"<p><strong>RBI blames PNB board for fraud<\/strong><\/p>\n<p><strong>News:<\/strong><\/p>\n<ol>\n<li>In written reply to parliamentary standing committee of finance, RBI blames PNB board of directors for nirav modi fraud.<\/li>\n<\/ol>\n<p>Important facts:<\/p>\n<ol start=\"2\">\n<li>RBI has \u00a0pointed out that Nirav Modi loan allocation is the failure of \u201cthree lines of defence\u201d of banking system.<\/li>\n<li>Three lines of defence<\/li>\n<\/ol>\n<ul>\n<li>First the officer sanctioning the loan<\/li>\n<li>Second is at the managerial level<\/li>\n<li>Third is the internal audit<\/li>\n<\/ul>\n<ol start=\"5\">\n<li>RBI said that Public sector bank are corporation and not a banking company which do not directly come under the ambit of banking regulation act 1949.<\/li>\n<li>The RBI reported that all financial institutions were warned about dealing with Letters of Undertaking (LoUs) procedure but it was not followed by PNB board.<\/li>\n<li>The RBI also accused PNB for submitting a factually incorrect compliance report with regards to LOUs.<\/li>\n<li>The RBI has seek for more power to monitor Public sector bank which include:<\/li>\n<\/ol>\n<ul>\n<li>Power for the removal and appointment of the CMD<\/li>\n<li>For Grant of licence and impose conditions.<\/li>\n<li>Approve appointment and re appointment or termination of appointment of chairman, managing director and\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Chief Executive officer.<\/li>\n<li>To supersede the board of director.<\/li>\n<li>For making application for winding up of bank.<\/li>\n<li>Sanction scheme of voluntary amalgamation.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>RBI blames PNB board for fraud News: In written reply to parliamentary standing committee of finance, RBI blames PNB board of directors for nirav modi fraud. Important facts: RBI has \u00a0pointed out that Nirav Modi loan allocation is the failure of \u201cthree lines of defence\u201d of banking system. Three lines of defence First the officer&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-blames-pnb-board-for-fraud\/\">Continue reading <span class=\"screen-reader-text\">RBI blames PNB board for fraud<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28839","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704913488},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28839"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28839\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}