The Reserve Bank of India (RBI) on Monday imposed a fine of Rs 1 crore on State Bank of India (SBI) and Rs 1.95 crore on Standard Chartered Bank for violating the guidelines. RBI in a statement He said that SBI has been fined for non-compliance with the guidelines contained in the Reserve Bank of India Directive 2016.
In addition, the central bank (RBI) said in a separate statement that ‘customer protection – limited liability of customers in unauthorized electronic banking transactions’, ‘cyber security structure in banks’, ‘bank credit card operations’ and financial services Standard Chartered Bank has been fined Rs 1.95 crore for non-compliance with RBI guidelines on ‘Code of Conduct in Outsourcing’.
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