The Reserve Financial institution of India (RBI) on Monday imposed a financial penalty of ₹1.95 crore on Normal Chartered Financial institution, India, for non-compliance with the RBI instructions.
As per an announcement, the RBI has, by an order dated October 18, 2021, imposed a financial penalty of ₹1.95 crore (Rupees One Crore and Ninety-five Lakh solely) on Normal Chartered Financial institution – India (the financial institution) for non-compliance with the instructions issued by RBI on ‘Buyer Safety – Limiting Legal responsibility of Prospects in Unauthorised Digital Banking Transactions’, ‘Cyber Safety Framework in Banks’, ‘Credit score Card Operations of banks’ learn with ‘Pointers on Managing Dangers and Code of Conduct in Outsourcing of Monetary Companies by banks’ and ‘Creation of a Central Repository of Giant Widespread Exposures – Throughout Banks’ learn with ‘Central Repository of Info on Giant Credit (CRILC) – Revision in Reporting’.
This penalty has been imposed in train of powers vested in RBI underneath the provisions of part 47 A (1) (c) learn with part 46 (4) (i) of the Banking Regulation Act, 1949, the discharge additionally stated
This motion is predicated on the deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its clients, it added.
Supply: Live Mint