- SBI fined Rs 1 crore
- Penalty to Standard Chartered Bank. 1.95 crore
The RBI has also fined Standard Chartered Bank. A fine of Rs 1.95 crore was imposed. The action is based on a review of the account of a customer in the bank. Penalty for bank delay in reporting fraud with account. The reason for the fine is non-compliance with RBI orders. The RBI had issued a notice to the bank.
The RBI had issued notices to both the banks in this regard. Of the bank
The fine was imposed because he was found guilty on the basis of the reply. The RBI had sought an explanation as to why it had failed to comply with the orders. Shares of SBI lost ground after the news broke. It is trading at Rs 494.95.
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Shares of SBI, meanwhile, rose 1.29 per cent to close at Rs 496 on Monday. The stock has provided investors with excellent returns over a three-year period. Shares of the bank rose 143 per cent last year.
The RBI is now cracking down on money laundering by various banks. Axis Bank was recently fined Rs 25 lakh for violating RBI’s KYC rules. The fine was imposed for violating the RBI’s KYC rules of 2016. The Reserve Bank of India (RBI) had said in February and March 2020 that an Axis Bank customer’s account had been checked. The bank was fined for failing to comply with the provisions contained in the 2016 directives issued by the Reserve Bank in relation to KYC.