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Rs 1.95 Crore Penalty Imposed On Standard Chartered Bank

The RBI imposed the penalty because of a violation of various guidelines by the bank, including reporting the cyber security issues.

Photo Credit : REUTERS/Bobby Yip/File Photo

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The Standard Chartered Bank was imposed a penalty of Rs 1.95 crore by The Reserve Bank of India, on Monday. The penalty was imposed because of the bank’s failure to comply with the guidelines for customer protection, credit card operations, creation of central repository and cyber security.

During an inspection, the central bank noticed that the bank has not credited the amount involved in the illegal electronic transfer back to the respective customers’ accounts. The bank was also not reporting the cyber security accidents.

The quality of data submitted to the Central Repository of Information on Large Credits was not satisfactory.

The central bank said, “After considering the bank’s replies to the notice, oral submissions made during the personal hearing, and additional submissions made by the bank, RBI came to the conclusion that the charge of contravention was substantiated and warranted imposition of monetary penalty on the bank.”