RBI imposes penalty of 1cr rupees on state bank of India and standard chartered bank.

By Lokmat English Desk | Published: October 19, 2021 01:57 PM2021-10-19T13:57:07+5:302022-01-14T18:13:57+5:30

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The country's largest bank, has been fined Rs 1 crore by the Reserve Bank of India (RBI) for violating the financial 2016 rules

RBI fined 1cr ruppe to the state bank of india (Frauds Classification and Reporting by Commercial Banks and Select Financial Institutions) for not following the 2016 instructions in the finanicial matters given by the RBI.

This action is taken for voiliting the rules . The penalty is imposed under sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949, as well as section 47A (1) (c) said by the rbi

RBI investigated the costumer account of SBI all the reports and statements are corresponded to it and reveled that the instruction are not followed said by RBI.

Then the notice got issued to SBI for stating the reasons for non compliance of the rules.

The RBI also fined 1.95cr rupees to Standard Chartered Bank for Customer Protection Limiting Liability of Customers in Authorized Banking Transactions, Cyber Security Frameworks in Banks, Credit Card Operations of Banks and Code of Conduct.

The RBI also sent the notice to SBI and Standard Chartered Bank why they should not be fined but both couldn't give the answer correctly.

Meanwhile, this action only taken for voiliting the rules of Reserve bank. This has nothing to do with any kind of coustumer's facilities said by the RBI.