Punjab National Bank (PNB) faces a monetary penalty of ₹15,37,50,000 following an order from the Appellate Tribunal under SAFEMA. The penalty relates to a review period from April 1, 2016, to November 30, 2017. PNB has already taken corrective steps to address the non-compliances. The bank anticipates no material impact on its financial position or operations.
Details of the Penalty
Punjab National Bank (PNB) has been subjected to a monetary penalty of ₹15,37,50,000. This penalty was imposed by the Appellate Tribunal under SAFEMA (Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976).
Background of the Order
The penalty arises from Appeal No. FPA-PMLA-3175/DLI/2019 filed by PNB against an order dated July 29, 2019, issued by the Director, Financial Intelligence Unit-India (FIU) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA). The Appellate Tribunal order is dated November 13, 2025.
Review Period & Corrective Actions
The penalty pertains to a review period from April 1, 2016, to November 30, 2017. PNB has stated that it has already implemented necessary corrective measures and established required checks and balances to prevent similar non-compliances in the future.
Impact Assessment
According to PNB, this penalty is not expected to have a material impact on the bank’s financial position or its ongoing operations.
Source: BSE