Reserve Bank of India imposes Rs 2 cr penalty on Standard Chartered Bank

The Reserve Financial institution on Thursday imposed a penalty of Rs 2 crore on Regular

The Reserve Financial institution on Thursday imposed a penalty of Rs 2 crore on Regular Chartered BankIndia for delays in reporting of frauds to it.

The financial penalty has been imposed on the lender for non-compliance with specific directions contained in the ‘Reserve Financial institution of India (Frauds – Classification and Reporting by industrial banking institutions and select FIs) Directions 2016’.

“The penalty has been imposed… for delays in reporting of frauds to RBI, uncovered throughout the statutory inspection of the lender with reference to its financial place as on March 31, 2018 and March 31, 2019,” the central lender said in a statement.

A recognize was issued to the Regular Chartered BankIndia advising it to demonstrate trigger as to why penalty should really not be imposed on it for this sort of non-compliance with the directions.

“Right after looking at the bank’s reply to the recognize and oral submissions manufactured in the own listening to, RBI concluded that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of financial penalty,” the statement said.

The central lender also observed that its action is based mostly on the deficiencies in regulatory compliance and is not supposed to pronounce on the validity of any transaction or settlement entered into by the lender with its prospects.

(Only the headline and image of this report could have been reworked by the Enterprise Regular staff the rest of the articles is automobile-generated from a syndicated feed.)

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