Supreme Court: Rape Conviction Possible Without S.376 Charge if POCSO Case Fails on Age Proof  ||  SC: Mere Long Possession Can't Establish Adverse Possession; Hostile Intent is Required  ||  Supreme Court Finds Gaps in FSSAI’s Proposed Warning Labels for Foods High in Fat, Sugar and Salt  ||  Supreme Court Quashes ITS Officer's 'Deadwood' Retirement, Orders Rs. 15 Lakh Payment  ||  Uttarakhand HC: District Magistrate to Establish Public Helpline within 24 Hrs amid Water Pollution  ||  Allahabad HC: Custodial Violence and Molestation Are Crimes, Not Police Duty  ||  Gujarat High Court: Bombay Public Trust Registration is Covered by Section 43 of the Waqf Act  ||  J&K&L HC: Advocates not Above Law, No Immunity from Lawful Police Inquiry  ||  Gauhati HC: Talaq-e-Hasan Valid, Requires Registration under Assam Marriage Act  ||  NCLAT: NCLT President Empowered to Transfer Cases from One Bench to Another    

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 2026 - All Rights Reserved