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    HomeNewsBusinessRBI penalises Standard Chartered India Rs 30 lakh for rule violations

    RBI penalises Standard Chartered India Rs 30 lakh for rule violations

    The bank allotted multiple customer identification code to some of its individual customers, the RBI said.

    Moneycontrol News
    June 26, 2023 / 19:25 IST
    The central bank had issued a notice to the lender over the violations.

    The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 30 lakh on Standard Chartered Bank-India on June 26 over rule violations.

    The penalty was imposed as the bank allotted multiple customer identification codes to some of its individual customers, RBI said in a release.

    The central bank issued a notice to the lender advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions issued by RBI, as stated therein.

    After considering the bank’s reply to the notice RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted the imposition of a monetary penalty on the bank.

    Moneycontrol News
    first published: Jun 26, 2023 07:24 pm

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