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RBI Imposes Rs 1.95 Crore Fine On Requirement Chartered Bank

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RBI has actually enforced a penalty on Requirement Chartered BankReserve Bank of India (RBI) has actually imposed a Rs 1.95 crore fine on Standard Chartered Bank for its failure to report a cyber security occurrence under the proposed time frame.The bank also stopped working to credit the amount associated with the unauthorised electronic transactions apart from other reasons, a statement released by RBI said.The central bank even more said that Standard Chartered Bank was penalised also for its non-compliance of RBI's instructions on consumer protection.In addition to this, the bank likewise did not abide by limiting liability of clients in unauthorised internet banking transactions, cyber security framework in banks, credit card operations of banks along with guidelines on handling risks.Standard Chartered Bank had actually also permitted direct sales agents to conduct KYC verifications and stopped working to ensure the integrity of information submitted in Central Repository of Info on Big Credits (CRILC).

The RBI after considering the bank's replies to the notification, oral submissions made throughout the personal hearing and additional submissions made by the bank, it concluded that the charge of conflict and non-compliance with the different arrangements called for imposition of penalty.




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