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RBI imposes fine of Rs 1.95 crore on Standard Chartered Bank

Sumit Arora Last updated on October 20th, 2021 06:04 pm Leave a comment

The Reserve Bank of India (RBI) imposed a fine of Rs 1.95 crore on the Standard Chartered Bank for failing to report a cyber security incident within the prescribed time period, and failure to credit the amount involved in unauthorised electronic transactions, among other reasons. Standard Chartered Bank was penalised also for its non-compliance of RBI’s directions on customer protection.

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Standard Chartered Bank had also allowed direct sales agents to conduct KYC verifications and failed to ensure the integrity of data submitted in the Central Repository of Information on Large Credits (CRILC).

Important takeaways for all competitive exams:

Standard Chartered Bank CEO: Bill Winters;
Standard Chartered Bank Founded: 1969, London, United Kingdom.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.