The Reserve Bank of India (RBI), the country’s central bank, has imposed a fine of INR20m (around $273,000) on Standard Chartered Bank’s Indian subsidiary for its delay over reporting of frauds.

In a statement, RBI said that it imposed the fine on the bank for not complying with its regulations contained in the ‘Reserve Bank of India (Frauds – Classification and Reporting by commercial banks and select FIs) Directions 2016’.

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Standard Chartered Bank – India was fined for its delay in reporting frauds to the RBI, which were found during the lender’s statutory inspection with the reference to its financial position as on 31st March, 2018 and 31st March, 2019.

The apex bank further said that it had issued a notice to the bank advising it to reveal the cause as to why it should not be fined for the non-compliance.

After receiving the reply and oral submissions made by Standard Chartered Bank, the central bank warranted the imposition of fine against the bank.

As per RBI, its penalty on the bank is based on the deficiency in complying with the regulations and is not intended to question the validity of any transaction or agreement by the bank with its customers.

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In September last year, a report said that India’s anti-money laundering (AML) agency Enforcement Directorate (ED) has fined Standard Chartered INR1bn for foreign exchange rule violations during a local bank deal.

The British lender reportedly flouted foreign exchange rules while working with investors to acquire Tamilnad Mercantile Bank’s (TMB) stake in 2007.