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RBI imposes fine of Rs 1.95 crore on Standard Chartered Bank

Sumit Arora Published On October 20th, 2021 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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About the Author

Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.