Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5 lakh on Standard Chartered Bank under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. The penalty was for not furnishing, within the stipulated time, information regarding a foreign currency loan facility arranged by the bank to an offshore special purpose vehicle. RBI considered the bank's written reply and oral submissions at a personal hearing, but concluded that the contravention of Section 27(2) of the Act was established and imposed the penalty accordingly.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Bank
- Action Type
- Monetary penalty