Case Brief
By an order dated January 21, 2021, RBI imposed a monetary penalty of ₹2 crore on Standard Chartered Bank–India. The penalty was levied for non-compliance with RBI’s 2016 directions on fraud classification and reporting, specifically for delays in reporting frauds to RBI, as revealed during statutory inspection. RBI issued a show-cause notice, considered the bank’s reply and oral submissions, and concluded that the contravention was substantiated under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty