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RBI Imposed Fine on Standard Chartered Bank

Published on October 21, 2021
Current Context: The Reserve Bank of India (RBI) has imposed a fine on Standard Chartered Bank.
RBI Imposed Fine on Standard Chartered Bank
  • A fine of Rs 1.95 crore was imposed on the bank.
  • The reasons behind the imposition of a fine are that the Standard Chartered Bank has failed to report a cyber security incident within the prescribed time period to the central bank, and has failed to credit the amount involved in unauthorized electronic transactions.
  • As the Standard Chartered Bank was observed non-compliance with RBI’s directions on customer protection, it was thus penalized by the RBI.
  • Static Part: 
    • HQ of Standard Chartered Bank: London, UK

Question: 

Q.1 What amount of fine was imposed by the RBI on Standard Chartered Bank as it was observed non-compliance of RBI’s directions on customer protection?
a. Rs 1.50 crore
b. Rs 1.35 crore
c. Rs 1.70 crore
d. Rs 1.95 crore

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