Calcutta HC: In Framing Arbitration Agreement Words Used Must be Certain, Definite  ||  J&K HC: Can’t Evaluate Performance of Employee When on Sanctioned Leave During Covid  ||  Kerala HC: Public Paying Toll Fees Casts Responsibility on NHAI to Ensure Smooth Traffic  ||  Calc. HC: Writ Court Rejecting Claims Over Disputed Issues Doesn’t Bar Arbitration if Clause Exists  ||  Gujarat HC Notifies Revised SOP for Virtual/Hybrid Hearing of Cases  ||  Kerala HC: Mere Assessment of Mental Illness by Referring to Mental Health Board Won’t Serve Purpose  ||  Bom. HC Upholds Validity of 7th proviso inserted in S. 2(b) of Maharashtra Entertainments Duty Act  ||  SC to Suspend Operation of Committee Under UP Shri Bankey Bihari Ji Temple Trust Ordinance, 2025  ||  SC Recalls Direction to Remove Allahabad HC Judge from Criminal Jurisdiction after CJI’s Request  ||  Supreme Court: Enforcement Directorate Cannot Act Like a "Crook"    

Reserve Bank of India imposes monetary penalty on Standard Chartered Bank - India- (Reserve Bank of India) (21 Jan 2021)

MANU/RPRL/0011/2021

Banking

The Reserve Bank of India (RBI) has, by an order dated January 21, 2021, imposed a monetary penalty of Rs. 2 Crore (Rupees Two Crore only) on Standard Chartered Bank-India (the bank) for non-compliance with certain directions issued by RBI contained in the "Reserve Bank of India (Frauds - Classification and Reporting by commercial banks and select FIs) Directions 2016".

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949, for delays in reporting of frauds to RBI, revealed during the statutory inspection of the bank with reference to its financial position as on March 31, 2018 and March 31, 2019.

A 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, RBI concluded that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Tags : PENALTY   IMPOSITION   BANK  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved