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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
When we think about continents, we usually imagine green forests, tall trees and rich plant…
Defense sector of the India has achieved the historic milestone as the defense exports reached…
The Delhi state government has introduced the 'Lakhpati Bitiya Yojana'. This new is scheme aimed…
Ashwini Bhide has been appointed as the first woman Municipal Commissioner of the Brihanmumbai Municipal…
Lok Sabha passed the resolution and Amaravati has been declared sole capital of Andhra Pradesh.…
To help people to identify the venomous snakes Costa Rica has introduced the new mobile…