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’.
WARRIOR 4.0 | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams | Bilingual | Live Class
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:
India will celebrate the its 80th Independence Day on Saturday, August 15th, 2026, marking the…
The Civil Disobedience Movement (1930-1934) is one of the biggest mass movements of the Indian…
The Lahore Session of the Indian National Congress in 1929 was the turning point of…
In the international field hockey one of the most important competition is the Men’s FIH…
The 2026 Barclays Private Clients Hurun India Most Valuable Family Business List reveals the scale…
There is an interesting story behind the National Flag of India that goes back for…