RBI fined Indian Bank Rs 1 crore for cyber security violation

Posted on:12 Dec 2018 14:50:17
RBI fined Indian Bank Rs 1 crore for cyber security violation
12 December 2018 Current Affairs:

The RBI has imposed, by an order dated November 30, 2018, a monetary penalty of Rs 10 million on Indian Bank for contravention of circular on Cyber Security Framework in banks.

This penalty has been imposed in exercise of powers vested in RBI under the provisions of... the Banking Regulation Act, 1949 taking into account the failure of the bank to adhere to the aforesaid guidelines and directions issued by RBI.


The RBI has imposed, by an order dated November 30, 2018, a monetary penalty of Rs 10 million on Indian Bank for contravention of circular on Cyber Security Framework in banks.

This penalty has been imposed in exercise of powers vested in RBI under the provisions of... the Banking Regulation Act, 1949 taking into account the failure of the bank to adhere to the aforesaid guidelines and directions issued by RBI.


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