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).
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