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In October 2021, the RBI has imposed a monetary penalty of how many rupees (in crore) on Standard Chartered Bank, India?

In October 2021, the RBI has imposed a monetary penalty of how many rupees (in crore) on Standard Chartered Bank, India? Correct Answer 1.95

The correct answer is ₹1.95 crore.

Key Points

  • RBI has imposed a monetary penalty of ₹1.95 crore on Standard Chartered Bank, India.
  • It has been penalized for non-compliance with the directions on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’.
  • This penalty has been imposed under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.

Additional Information

  • ​RBI:
    • Headquarters - Mumbai.
    • Founded: 1 April 1935, Kolkata.
    • The Bank publishes two statutory reports, the Annual Report of the Bank and the Report on Trend and Progress of Banking in India.
    • It also publishes Financial Stability Report.

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