The Reserve Bank of India (RBI) has imposed a financial penalty of Rs 2 crore on Standard Chartered Bank–India for delays in reporting of frauds. The penalty has been imposed on the financial institution for non-compliance with sure instructions issued by it contained within the ‘Reserve Bank of India (Frauds – Classification and Reporting by commercial banks and select FIs) Directions 2016’.
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The discover was issued to the financial institution advising it to indicate trigger as to why penalty shouldn’t be imposed on it for such non-compliance with the instructions. After contemplating the financial institution’s reply to the discover and oral submissions made within the private listening to, the RBI concluded that the cost of non-compliance with the aforesaid RBI instructions was substantiated and warranted imposition of financial penalty.
Important takeaways for all aggressive exams:
- Standard Chartered Bank CEO: Bill Winters.
- Standard Chartered Bank Headquarters: London, United Kingdom.
- Standard Chartered Bank Founded: 1969.
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