Country's largest bank SBI slapped a hefty fine, another private bank hit

 


New Delhi, PTI. The Reserve Bank of India (RBI) imposed a fine of Rs 1 crore on the country's largest bank State Bank of India (SBI) and Rs 1.95 crore on Standard Chartered Bank for violating various guidelines. Scrutiny of a customer account of SBI found that there was delay in giving information about the fraud in that account.

RBI issued a show cause notice to SBI in this regard. After receiving a reply from the bank, the central bank imposed a fine of Rs 1 crore on SBI. In a statement, RBI said that the penalty was imposed on SBI for non-compliance of the directions contained in the Reserve Bank of India (Frauds – Classification and Reporting by Commercial Banks and Select Financial Institutions) Directions, 2016.

Issued by RBI on 'Customer Protection - Limited Liability of Customers in Unauthorized Electronic Banking Transactions', 'Cyber ​​Security Framework in Banks', 'Credit Card Operations of Banks and Code of Conduct in Outsourcing of Financial Services by Banks', the central bank said. Standard Chartered Bank was fined Rs 1.95 crore for non-compliance of the instructions. This monetary penalty has been imposed in exercise of the powers vested in RBI under the Banking Regulation Act, 1949.

Meanwhile, the RBI has said that with a spurt in the vaccination campaign and a reduction in the COVID-19 mortality rate, the time has come for India to embark on a new path of sustainable and inclusive growth. An article written by a team of RBI officials led by Deputy Governor MD Patra on 'State of the Economy' said aggregate supply is improving on strong kharif yield performance and revival of manufacturing and services And domestic demand is strengthening.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more