RBI impose fine on Indian Bank for Violation of Cyber security norms

Mumbai, DEC 11: The Reserve Bank of India imposed a fine of Rs. One crore on Indian Bank for violating cyber security norms on Tuesday.

Bank penalized for failing to follow the guidelines and directions issued by RBI.

This order dated November 30 has imposed by RBI is a monetary penalty to Indian Bank contravention of circular on ‘Cyber Security Framework’ in banks, official statement said.

The contravention is with regards to RBI’s directions on ‘Frauds-Classification and Reporting by Commercial Banks’.

This penalty has been imposed in exercise of power vested in RBI under the provision of ‘Banking Regulation Act, 1949’ taking into account, the failure of bank to follow the guidelines and directions issued by RBI, the official statement said.