- 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
a. Rs 1.50 crore
b. Rs 1.35 crore
c. Rs 1.70 crore
d. Rs 1.95 crore
