The Reserve Bank of India (RBI) has imposed a monetary penalty of ?1.95 crore on Standard Chartered Bank (StanChart)-India and ?1 crore on State Bank of India (SBI) for non-compliance of various RBI directions. SBI faced penalty for non-compliance with RBI directions contained in ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’, while StanChart faced penalty for non-compliance with RBI directions on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, ‘Cyber Security Framework in Banks’, ‘Credit Card Operations of banks’ and ‘Creation of a Central Repository of Large Common Exposures - Across Banks’.