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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2 crore on Standard Chartered Bank–India for delays in reporting of frauds.
The central bank said the penalty has been imposed on the bank for non-compliance with certain directions issued by it contained in the ‘Reserve Bank of India (Frauds - Classification and Reporting by commercial banks and select FIs) Directions 2016’.
“The penalty has been imposed in exercise of powers vested in the RBI under the provisions of…the Banking Regulation Act 1949, for delays in reporting of frauds to RBI, revealed during the statutory inspection of the bank with reference to its financial position as on March 31, 2018, and March 31, 2019,” the RBI said in a statement.
The central bank said a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for such non-compliance with the directions.
After considering the bank’s reply to the notice and oral submissions made in the personal hearing, the RBI concluded that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty, it added.
The central bank said this action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
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