Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Banking/  RBI imposes monetary penalty on Standard Chartered Bank. Details here
BackBack

RBI imposes monetary penalty on Standard Chartered Bank. Details here

This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949, a statement said

The Reserve Bank of India (RBI) on Monday imposed a penalty of ₹1.95 crore on Standard Chartered Bank (REUTERS)Premium
The Reserve Bank of India (RBI) on Monday imposed a penalty of 1.95 crore on Standard Chartered Bank (REUTERS)

The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of 1.95 crore on Standard Chartered Bank, India, for non-compliance with the RBI directions. 

As per a statement, the RBI has, by an order dated October 18, 2021, imposed a monetary penalty of 1.95 crore (Rupees One Crore and Ninety-five Lakh only) on Standard Chartered Bank - India (the bank) for non-compliance with the directions issued by RBI on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, ‘Cyber Security Framework in Banks’, ‘Credit Card Operations of banks’ read with ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Creation of a Central Repository of Large Common Exposures - Across Banks’ read with ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’. 

This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949, the release also said

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, it added. 

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 18 Oct 2021, 07:37 PM IST
Next Story footLogo
Recommended For You
Banking Stocks
₹1,053.6-0.5%
₹1,440.70.52%
₹1,0841.08%
₹122.751.3%
₹734.052.53%
Switch to the Mint app for fast and personalized news - Get App