Standard Chartered Bank–India

RBI has imposed a ₹30 lakh penalty on Standard Chartered Bank-India for KYC non-compliance. The bank was found to have allotted multiple customer identification codes to some individual customers.

Standard Chartered Bank-India must absorb the monetary penalty and ensure stronger KYC compliance controls going forward, particularly around customer identification code allocation. The action does not state any operational restriction, but it signals supervisory concern over anti-money-laundering/KYC controls affecting the bank’s compliance framework.

• section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949
• Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016

RBI imposed a penalty of Rs 1.95 crore on Standard Chartered Bank - India for multiple compliance failures. The breaches covered customer protection, cyber security, outsourcing/KYC controls, and CRILC reporting.

The bank must absorb the financial penalty and strengthen compliance controls across electronic transaction refunds, cyber incident reporting, outsourcing/KYC supervision, and CRILC data reporting. The action has no stated restriction on operations, but it signals heightened supervisory expectations and future non-compliance could trigger further enforcement.

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

RBI imposed a ₹2 crore penalty on Standard Chartered Bank–India for lapses in reporting frauds to the regulator. The action followed a statutory inspection and a show-cause process.

The bank must absorb the financial penalty and address compliance gaps in fraud reporting and regulatory disclosures. The action does not invalidate customer transactions, but it signals heightened regulatory scrutiny over the bank’s reporting controls.

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