Case Brief
What Happened
By an order dated January 21, 2021, RBI imposed a monetary penalty of ₹2 crore on Standard Chartered Bank–India. The penalty was levied for non-compliance with RBI’s 2016 directions on fraud classification and reporting, specifically for delays in reporting frauds to RBI, as revealed during statutory inspection. RBI issued a show-cause notice, considered the bank’s reply and oral submissions, and concluded that the contravention was substantiated under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.