RBI slaps penalty of Rs 1 cr on SBI, Rs 1.95 cr on Standard Chartered Bank

The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1 crore on the country’s biggest lender State Bank of India (SBI) and a Rs 1.95 crore fine on Standard Chartered Bank for the violation of various guidelines.

Fine levied on SBI for non-compliance with the directions contained in ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’, the RBI said in a statement.

In a separate statement, the RBI imposed a Rs 1.95 crore penalty on Standard Chartered Bank for non-compliance of the directions issued by the RBI on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’,