The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 crore on Standard Chartered Bank–India for delays in reporting of frauds. The penalty has been imposed on the bank for non-compliance with certain directions issued by it contained in the ‘Reserve Bank of India (Frauds – Classification and Reporting by commercial banks and select FIs) Directions 2016’.
The notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for such non-compliance with the directions. After considering the bank’s reply to the notice and oral submissions made in the personal hearing, the RBI concluded that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
Important takeaways for all competitive exams:
- Standard Chartered Bank CEO: Bill Winters.
- Standard Chartered Bank Headquarters: London, United Kingdom.
- Standard Chartered Bank Founded: 1969.