Case Brief
By an order dated June 26, 2023, RBI imposed a monetary penalty of ₹30.00 lakh on Standard Chartered Bank-India for non-compliance with certain provisions of the RBI’s KYC Directions, 2016. The finding arose from RBI’s supervisory examination for ISE 2021, which revealed that the bank had allotted multiple customer identification codes to some of its individual customers. After issuing a show-cause notice and considering the bank’s reply, oral submissions, and additional submissions, RBI concluded that the violation was substantiated and warranted the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 30.0 L
- Entity Type
- Bank
- Action Type
- Monetary penalty