Standard Chartered Bank

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on five authorised dealer banks for FEMA reporting violations. The banks were penalized after show-cause proceedings and RBI found the violations substantiated.

Each of the five banks is liable to pay the imposed penalty amount and comply with RBI’s reporting requirements under FEMA going forward. The action has no operational restriction described, but it records regulatory non-compliance and may affect ongoing supervision.

• Section 11(3) of FEMA 1999

This RBI action affected 5 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on 13 banks for KYC/AML and related regulatory violations. The scrutiny also found issues around account monitoring, STR filing, and FEMA-related compliance.

The penalised banks must absorb the monetary penalties and address the compliance gaps identified by the RBI, particularly around KYC, transaction monitoring, STR reporting, and FEMA-related controls. The eight other banks named in the release were not penalised, but were advised to strengthen measures and periodically review compliance processes on an ongoing basis.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 21 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on 19 commercial banks for violating its derivatives-related instructions. The banks were found to have failed on due diligence, suitability checks, and related verification requirements.

Each of the 19 named banks must absorb the monetary penalty and address the compliance gaps identified by RBI. The action does not impose an ongoing operational restriction, but it signals scrutiny over derivatives sales, suitability checks, and underlying verification controls.

• Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 19 entities. This profile is linked as bulk member.

RBI imposed a Rs. 5 lakh penalty on Standard Chartered Bank for failing to provide timely information on a foreign currency loan facility to an offshore SPV. The violation was found to be established after reply and hearing.

Standard Chartered Bank is required to absorb the monetary penalty; the action does not impose an operational restriction, but it records a regulatory finding of non-compliance related to information reporting on cross-border lending arrangements. No direct restrictions on customers are stated in the release.

• Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949
• Section 27(2) of the Act ibid