RBI Imposed Fine Of Rs 2 Crore On Standard Chartered Bank

RBI imposed fine of Rs 2 crore on Standard Chartered Bank. The Reserve Bank of India (RBI) has imposed a fine of Rs 2 crore on Standard Chartered Bank.

This penalty has been imposed due to the late reporting of fraud to the central bank. The penalty has been imposed for not following certain instructions of the Reserve Bank of India (fraud – classification and reporting on behalf of commercial banks and select financial institutions) Guidelines 2016.

A notice was issued to Standard Chartered Bank asking why they should not be fined. According to a statement issued by the central bank, “RBI was told about the late fraud, which came to know during the statutory inspection of the bank on 31 March 2018 and 31 March 2019”.

Recently, RBI Muthoot A fine of Rs 10 lakh was imposed on the finance. Apart from this, RBI had imposed a fine of Rs one crore on Punjab National Bank for violation of the Payment and Settlement Systems Act.

On the other hand, RBI has withdrawn its three circulars due to misuse of rules relating to recovery of excess or wrongly issued pension.

RBI has asked banks to seek guidance from the authority sanctioning pension for recovery of additional pension issued to pensioners.

After investigating the matter, the central bank on Thursday withdrew three notifications issued by the government and bank accounts department in 1991 and 2016.

The Reserve Bank of India made a net purchase of US $ 10.261 billion in November as the currency remained unchanged.

Private sector South Indian Bank lost Rs 91.62 crore during the quarter ended 31 December 2020. The bank had achieved a net profit of Rs 90.54 crore in the same period of the previous financial year.

Budget Expectations 2021: There is hope for a special emphasis on Make in India in the defense sector, the government has already indicated

It is expected that in the budget of 2021-22, the Government of India can make an unprecedented increase in the allocation in the defense sector. However, it is expected that the government will give special emphasis to Make in India in the defense sector as well.

This was indicated only in May 2020 when Finance Minister Sitharaman announced raising the foreign direct investment (FDI) limit in the defense sector from 49 percent to 74 percent through the automatic route.