Country's largest bank SBI slapped a hefty fine, another private bank hit

 New Delhi, PTI. The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on the country's largest bank State Bank of India (SBI) and Rs 1.95 crore on Standard Chartered Bank for violating various guidelines. Scrutiny of a customer account of SBI found that the bank delayed in providing information about the fraud in that account.




RBI issued a show cause notice to SBI in this regard. After receiving a reply from the bank, the central bank imposed a fine of Rs 1 crore on SBI. In a statement, RBI said that the penalty was imposed on SBI for non-compliance of the directions contained in the Reserve Bank of India (Frauds – Classification and Reporting by Commercial Banks and Select Financial Institutions) Directions, 2016.

Issued by RBI on 'Customer Protection - Limited Liability of Customers in Unauthorized Electronic Banking Transactions', 'Cyber ​​Security Framework in Banks', 'Credit Card Operations of Banks and Code of Conduct in Outsourcing of Financial Services by Banks', the central bank said. Standard Chartered Bank was fined Rs 1.95 crore for non-compliance of the instructions. This monetary penalty has been imposed in exercise of the powers vested in RBI under the Banking Regulation Act, 1949.

Meanwhile, the RBI has said that with a spurt in the vaccination campaign and a reduction in the COVID-19 mortality rate, the time has come for India to embark on a new path of sustainable and inclusive growth. An article written by a team of RBI officials led by Deputy Governor MD Patra on 'State of the Economy' said aggregate supply is improving on strong kharif yield performance and revival of manufacturing and services And domestic demand is strengthening.

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