fintech / news / / ThePrint
The dispute began in 2012 when a yarn processing business unit sought to transfer its overdraft facility from Bank of India to Standard Chartered.
The SCDRC upheld a ruling against Standard Chartered Bank for charging interest on undisbursed funds.
KEY POINTS
- Standard Chartered failed to refund a Rs 6,50,000 processing fee after a failed transaction.
- The bank imposed interest on a 'ghost balance' despite the funds never leaving its control.
- The commission clarified that no legal transfer of funds occurred due to non-compliance with RBI norms.
COMPANIES
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