Reserve Bank of India (RBI) has imposed a Rs 1.95 crore high-quality on Standard Chartered Bank for its failure to report a cyber safety incident below the prescribed time-frame.
The financial institution additionally didn’t credit score the quantity concerned within the unauthorised digital transactions aside from different causes, an announcement issued by RBI mentioned.
The central financial institution additional mentioned that Standard Chartered Bank was penalised additionally for its non-compliance of RBI’s instructions on buyer safety.
In addition to this, the financial institution additionally didn’t adjust to “limiting liability” of consumers in unauthorised digital banking transactions, cyber safety framework in banks, bank card operations of banks together with tips on managing dangers.
Standard Chartered Bank had additionally allowed direct gross sales brokers to conduct KYC verifications and failed to make sure the integrity of knowledge submitted in Central Repository of Information on Large Credits (CRILC).
The RBI after contemplating the financial institution’s replies to the discover, oral submissions made through the private listening to and extra submissions made by the financial institution, it concluded that the cost of contravention and non-compliance with the assorted provisions warranted imposition of penalty.