Poket News

RBI imposes penalty of one crore on SBI, 1.95 crore on Standard Chartered Bank

 

  • The Reserve Bank of India said, State Bank has been penalised for violating norms related to delay in reporting of fraud while Standard Chartered Bank has been penalised for violating norms related to customer protection and cyber security framework. 
  • RBI has however, said that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the bank with its customers.