|
S.No.
|
ENTITY |
PERSONS |
REGULATORY CHARGES
|
REGULATORY ACTION(S) / DATE OF ORDER
|
FURTHER DEVELOPMENTS
|
|
41
|
|
HONGKONG & SHANGHAI BANKING CORP.LTD.,THE
|
|
|
DID NOT ADHERE TO INSTRUCTIONS OF RBI ON DERIVATIVES, SUCH AS FAILURE TO CARRY OUT DUE DILIGENCE IN REGARD TO SUITABILITY OF PRODUCTS, SELLING DERIVATIVE PRODUCTS TO USERS NOT HAVING RISK MANAGEMENT POLICIES AND NOT VERIFYING UNDERLYING/ADEQUACY OF UNDERLYING AND ELIGIBLE LIMITS UNDER PAST PERFORMANCE ROUTE
|
IMPOSED PENALTY RS.5,00,000 FROM 26-APR-2011
26-APR-2011
|
|
|
42
|
|
|
HSBC LTD.,THE
|
|
|
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON REPORTING REQUIREMENTS UNDER LIBERALISED REMITTANCE SCHEME OF FEMA,1999
|
IMPOSED PENALTY RS.36,38,000 FROM 29-MAY-2024
29-MAY-2024
|
|
|
43
|
|
|
INDUSTRIAL BANK OF KOREA
|
|
|
ALLOWED OPERATIONS AND DID NOT CLOSE SEVERAL ACCOUNTS OPEN USING OTP BASED E-KYC IN NON-FACE-TO-FACE MODE, EVEN AFTER EXPIRY OF ONE YEAR WITHOUT CONDUCTING CUSTOMER DUE DILIGENCE PROCEDURE
|
IMPOSED PENALTY RS.36,00,000 FROM 07-SEP-2022
07-SEP-2022
|
|
|
44
|
|
|
JP MORGAN CHASE BANK,N.A.
|
|
|
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON DIRECT CREATION OF PAYMENT MESSAGES IN SWIFT ENVIRONMENT
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON IMPLEMENTATION OF STRAIGHT THROUGH PROCESSING (STP) BETWEEN CBS/ACCOUNTING SYSTEM AND SWIFT SYSTEM
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI TO ENSURE THAT THE USERS ENTERING/PASSING/AUTHORIZING TRANSACTIONS IN CBS DIFFERENT FROM THOSE OPERATING IN SWIFT ENVIRONMENT
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON INDEPENDENT RECONCILIATION OF LOGS GENERATED FROM SWIFT WITH CORRESPONDING ENTRY PASSED IN CBS/ACCOUNTING SYSTEM
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON INTRODUCTION OF ADDITIONAL LAYER OF APPROVAL FOR ALL PAYMENT MESSAGES EXCEEDING PARTICULAR THRESHOLD
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON NOSTRO RECONCILIATION ON T+1/T+5 BASIS
|
IMPOSED PENALTY RS.1,00,00,000 FROM 25-FEB-2019
25-FEB-2019
|
|
|
45
|
|
|
JP MORGAN CHASE BANK,N.A.
|
|
|
DID NOT ADHERE TO INSTRUCTIONS OF RBI ON RISK MANAGEMENT & INTER BANK DEALINGS AND COMPLIANCE FUNCTIONS
|
IMPOSED PENALTY RS.5,00,000 FROM 12-APR-2013
12-APR-2013
|
|
|
46
|
|
|
JP MORGAN CHASE BANK,N.A.
|
|
|
DID NOT ADHERE TO INSTRUCTIONS OF RBI ON DERIVATIVES, SUCH AS FAILURE TO CARRY OUT DUE DILIGENCE IN REGARD TO SUITABILITY OF PRODUCTS, SELLING DERIVATIVE PRODUCTS TO USERS NOT HAVING RISK MANAGEMENT POLICIES AND NOT VERIFYING UNDERLYING/ADEQUACY OF UNDERLYING AND ELIGIBLE LIMITS UNDER PAST PERFORMANCE ROUTE
|
IMPOSED PENALTY RS.5,00,000 FROM 26-APR-2011
26-APR-2011
|
|
|
47
|
|
|
KEB HANA BANK
|
|
|
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON INTEREST RATE ON DEPOSITS
|
IMPOSED PENALTY RS.59,00,000 FROM 12-MAY-2022
12-MAY-2022
|
|
|
48
|
|
|
MUFG BANK LTD.
|
|
|
DID NOT ADHERE TO VARIOUS DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON TIME BOUND IMPLEMENTATION AND STRENGTHENING OF SWIFT RELATED OPERATIONAL CONTROLS
|
IMPOSED PENALTY RS.45,00,000 FROM 25-MAY-2022
25-MAY-2022
|
|
|
49
|
|
|
MUFG BANK LTD.
|
|
|
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON LOANS AND ADVANCES–STATUTORY AND OTHER RESTRICTIONS
|
IMPOSED PENALTY RS.30,00,000 FROM 23-DEC-2021
23-DEC-2021
|
|
|
50
|
|
|
ROYAL BANK OF SCOTLAND N.V.,THE
|
|
|
DID NOT ADHERE TO INSTRUCTIONS OF RBI ON REPORTING REQUIREMENTS OF FOREIGN EXCHANGE MANAGEMENT ACT, 1999 (FEMA)
|
IMPOSED PENALTY RS.10,000 FROM 21-DEC-2016
21-DEC-2016
|
|
|
51
|
|
|
ROYAL BANK OF SCOTLAND N.V.,THE
|
|
|
DID NOT ADHERE TO INSTRUCTIONS OF RBI ON DERIVATIVES, SUCH AS FAILURE TO CARRY OUT DUE DILIGENCE IN REGARD TO SUITABILITY OF PRODUCTS, SELLING DERIVATIVE PRODUCTS TO USERS NOT HAVING RISK MANAGEMENT POLICIES AND NOT VERIFYING UNDERLYING/ADEQUACY OF UNDERLYING AND ELIGIBLE LIMITS UNDER PAST PERFORMANCE ROUTE
|
IMPOSED PENALTY RS.10,00,000 FROM 26-APR-2011
26-APR-2011
|
|
|
52
|
|
|
SBM BANK (INDIA) LTD.
|
|
|
DID NOT ADHERE TO VARIOUS DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON TIME BOUND IMPLEMENTATION AND STRENGTHENING OF SWIFT RELATED OPERATIONAL CONTROLS
DELAY IN REPORTING CYBER SECURITY INCIDENT
|
IMPOSED PENALTY RS.3,00,00,000 FROM 15-OCT-2019
15-OCT-2019
|
|
|
53
|
|
|
SONALI BANK PLC
|
|
|
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON CARRYING OUT PERIODIC REVIEW OF RISK CATEGORISATION OF CUSTOMERS AND/OR ACCOUNTS
DID NOT UNDERTAKE ONGOING CUSTOMER DUE DILIGENCE AND PUT INTO USE ROBUST SOFTWARE FOR GENERATING ALERTS WHEN TRANSACTIONS WERE INCONSISTENT WITH CUSTOMER PROFILE
DELAY IN IMPLEMENTATION OF CERTAIN SWIFT-RELATED OPERATIONAL CONTROLS
|
IMPOSED PENALTY RS.96,40,000 FROM 10-JUN-2024
10-JUN-2024
|
|
|
54
|
|
|
STANDARD CHARTERED BANK
|
|
|
ALLOTTED MULTIPLE CUSTOMER IDENTIFICATION CODES TO SAME CUSTOMERS
|
IMPOSED PENALTY RS.30,00,000 FROM 26-JUN-2023
26-JUN-2023
|
|
|
55
|
|
|
STANDARD CHARTERED BANK
|
|
|
DELAY IN REPORTING CYBER SECURITY INCIDENT
DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON MANAGING RISKS AND CODE OF CONDUCT IN OUTSOURCING OF FINANCIAL SERVICES BY NBFCS AND/OR BANKS
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON REPORTING OF DATA ON CENTRAL REPOSITORY OF INFORMATION ON LARGE CREDITS (CRILC)
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON CUSTOMER PROTECTION–LIMITING LIABILITY OF CUSTOMERS IN UNAUTHORISED ELECTRONIC BANKING TRANSACTIONS
|
IMPOSED PENALTY RS.1,95,00,000 FROM 18-OCT-2021
18-OCT-2021
|
|
|
56
|
|
|
STANDARD CHARTERED BANK
|
|
|
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON “RESERVE BANK OF INDIA (FRAUD CLASSIFICATION AND REPORTING BY COMMERCIAL BANKS AND SELECT FIS) DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2016”
|
IMPOSED PENALTY RS.2,00,00,000 FROM 21-JAN-2021
21-JAN-2021
|
|
|
57
|
|
|
STANDARD CHARTERED BANK
|
|
|
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON DIRECT CREATION OF PAYMENT MESSAGES IN SWIFT ENVIRONMENT
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON IMPLEMENTATION OF STRAIGHT THROUGH PROCESSING (STP) BETWEEN CBS/ACCOUNTING SYSTEM AND SWIFT SYSTEM
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI TO ENSURE THAT THE USERS ENTERING/PASSING/AUTHORIZING TRANSACTIONS IN CBS DIFFERENT FROM THOSE OPERATING IN SWIFT ENVIRONMENT
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON INDEPENDENT RECONCILIATION OF LOGS GENERATED FROM SWIFT WITH CORRESPONDING ENTRY PASSED IN CBS/ACCOUNTING SYSTEM
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON INTRODUCTION OF ADDITIONAL LAYER OF APPROVAL FOR ALL PAYMENT MESSAGES EXCEEDING PARTICULAR THRESHOLD
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON NOSTRO RECONCILIATION ON T+1/T+5 BASIS
|
IMPOSED PENALTY RS.1,00,00,000 FROM 25-FEB-2019
25-FEB-2019
|
|
|
58
|
|
|
STANDARD CHARTERED BANK
|
|
|
DID NOT ADHERE TO INSTRUCTIONS OF RBI ON REPORTING REQUIREMENTS OF FOREIGN EXCHANGE MANAGEMENT ACT, 1999 (FEMA)
|
IMPOSED PENALTY RS.10,000 FROM 21-DEC-2016
21-DEC-2016
|
|
|
59
|
|
|
STANDARD CHARTERED BANK
|
|
|
DID NOT ADHERE TO INSTRUCTIONS OF RBI ON DERIVATIVES, SUCH AS FAILURE TO CARRY OUT DUE DILIGENCE IN REGARD TO SUITABILITY OF PRODUCTS, SELLING DERIVATIVE PRODUCTS TO USERS NOT HAVING RISK MANAGEMENT POLICIES AND NOT VERIFYING UNDERLYING/ADEQUACY OF UNDERLYING AND ELIGIBLE LIMITS UNDER PAST PERFORMANCE ROUTE
|
IMPOSED PENALTY RS.10,00,000 FROM 26-APR-2011
26-APR-2011
|
|
|
60
|
|
|
STANDARD CHARTERED BANK
|
|
|
DID NOT FURNISH INFORMATION TO RBI IN STIPULATED TIME PERTAINING TO A FOREIGN CURRENCY LOAN FACILITY TO AN OFFSHORE SPECIAL PURPOSE VEHICLE (SPV)
|
IMPOSED PENALTY RS.5,00,000 FROM 30-JUL-2010
30-JUL-2010
|
|
|
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
|
|
|
|
|
|
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