RBI fines SBI, StanChart for rules violation

Mumbai: The Reserve Bank of India on Monday slapped a penalty of Rs 1 crore on State Bank of India and Rs 1.95 crore on Standard Chartered Bank for violations of its rules in separate incidents.

On SBI, the central bank said the lender delayed reporting fraud in a customer account to it.

On the other hand, Standard Chartered failed to comply with the RBI guidelines on customer protection, cyber security, credit card operations and creation of a central repository for large exposures.

The RBI said an inspection by it found that the lender failed to credit (shadow reversal) the amount involved in the unauthorised electronic transactions and did not report cyber security incidents within the prescribed period. StanChart also authorised the direct sales agents to conduct KYC verification, and failed to ensure integrity and quality of data submitted in the Central Repository of Informa-tion on Large Credits.


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