This penalty has been imposed in exercise of powers vested in the RBI under the Banking Regulation Act, 1949, it 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, it added.source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-slaps-penalty-of-rs-1-95-crore-on-standard-chartered-bank/articleshow/87111286.cms
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