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RBI imposes fine of Rs 1.95 crore on Standard Chartered Bank over non-compliance

The Standard Chartered Bank was fined for failing to report a cyber security incident within the prescribed time period and failure to credit the amount involved in unauthorised electronic transactions, among other reasons.

October 18, 2021 / 06:24 PM IST

The Reserve Bank of India (RBI) on October 18 imposed a fine of Rs 1.95 crore on the Standard Chartered Bank for failing to report a cyber security incident within the prescribed time period, and failure to credit the amount involved in unauthorised electronic transactions, among other reasons.

Listing the reasons behind the move, the RBI said in a release that it imposed a penalty of Rs 1.95 crore on the Standard Chartered Bank over non-compliance with the directions issued by it regarding “customer protection”.

The bank failed to comply with RBI rules on “limiting liability of customers in unauthorised electronic banking transactions, cyber security framework in

banks, credit card operations of banks read with guidelines on managing risks and code of conduct in outsourcing of financial services by banks, and creation of

a central repository of large common exposures across banks read with Central Repository of Information on Large Credits (CRILC) revision in reporting.

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Aside from Standard Chartered Bank failing to report cyber security frauds and crediting the amount involved in unauthorised electronic transactions, it had also authorised direct sales agents to conduct KYC verifications and failed to ensure the integrity of data submitted in CRILC.
Moneycontrol News
first published: Oct 18, 2021 05:57 pm

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