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RBI imposes Rs 2 crore penalty on India s major bank. Check details
The Reserve Bank on Thursday imposed a penalty of Rs 2 crore on Standard Chartered BankâIndia for delays in reporting of frauds to it. The monetary penalty has been imposed on the bank for non-compliance with certain directions contained in the Reserve Bank of India (Frauds - Classification and Reporting by commercial banks and select FIs) Directions 2016 . The penalty has been imposed.for delays in reporting of frauds to RBI, revealed during the statutory inspection of the bank with reference to its financial position as on March 31, 2018 and March 31, 2019, the central bank said in a statement.