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RBI Slaps Rs 1 Crore Fine on Indian Bank for Violating Cyber Security Norms

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, the central bank said in a release.

PTI

Updated:December 11, 2018, 3:31 PM IST
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RBI Slaps Rs 1 Crore Fine on Indian Bank for Violating Cyber Security Norms
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​Mumbai: The Reserve Bank of India Tuesday said it has imposed a fine of Rs 1 crore on Indian Bank for violating cyber security norms.

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, the central bank said in a release.

The contravention is with regard to RBI's directions on Frauds- Classification and Reporting by Commercial 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," it said.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the release added.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
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