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:
World Tuna Day, observed annually on May 2nd, is dedicated to raising awareness about the…
The Ministry of Corporate Affairs (MCA) has granted its approval for the appointment of Hitesh…
India, renowned for its rich tapestry of natural landscapes and cultural heritage, is home to…
Paul Auster, the renowned American novelist and filmmaker, has passed away at the age of…
Renowned playback singer Uma Ramanan, who predominantly sang in Tamil, passed away at the age…
Uttar Pradesh, the fourth-largest state in India, boasts a vast area covering 240,928 square kilometers,…