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:
Odisha has unveiled the GO-EAST (Government of Odisha Eastern Investment Accelerator and Special Task Force)…
Large coastlines are beneficial for any nation's growth. As the coastline connects the land with…
India held its first mango production events in the Nordic region and it organized by…
India and Pakistan are two neighboring South Asian countries with shared history but significantly different…
On 27th June every year, the world observes the Micro-, Small and Medium-sized Enterprises (MSME)…
Nestled in the scenic hills of Lonavala in Maharashtra, Lohagad Fort is one of India's…