The Reserve Bank of India has imposed a monetary penalty of one crore rupees on the State Bank of India and 1.95 crore rupees on Standard Chartered Bank.
In different notifications issued from Mumbai today, RBI said, State Bank has been penalised for violating norms related to delay in reporting of fraud while Standard Chartered Bank has been penalised for violating norms related to customer protection and cyber security framework.
It added that Standard Chartered Bank had shown deficiencies while crediting back the amount involved in unauthorised electronic transactions, not reporting cyber security incidents within the prescribed time period, authorising the direct sales agents to conduct KYC verification and failure to ensure integrity and quality of data submitted in ‘Central Repository of Information on Large Credits.
RBI has however, said that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the bank with its customers.
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