RBI imposes Rs 2 cr penalty on Standard Chartered Bank

MUMBAI: The Reserve Bank on Thursday imposed a penalty of Rs 2 crore on Standard Chartered Bank-India for delays in reporting of frauds to it.

The monetary penalty has been imposed on the bank for noncompliance 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 statutor y 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.

"Af ter considering the bank's reply to the notice and oral submissions made in the personal hearing, RBI concluded that the charge of non-compliance with aforesaid RBI directions warranted monetary penalty," the statement said.