RBI imposes Rs 25 lakh penalty on THIS Bank

0
Loading...
Image Source : PTI

RBI imposes Rs 25 lakh penalty on THIS Bank

Loading...

The Reserve Bank of India (RBI) on Friday imposed a penalty of Rs 25 lakh on Punjab and Sind Bank for non-compliance with certain provisions of directions on ‘Cyber Security Framework in Banks’. The state-owned bank had reported a few cyber incidents to the RBI on May 16 and 20, 2020, the central bank said while giving details.

“Examination of the incident reports and the report of the forensic analysis of the said incidents revealed, non-compliance with aforesaid directions,” it said.

The RBI issued a show-cause notice to the bank.

Loading...

“After considering the bank’s reply to the show-cause notice, oral submissions made during the personal hearing and examination of further clarifications/ documents furnished by the bank, RBI came to the conclusion that to the extent the charges of non-compliance with RBI directions were substantiated, it warranted imposition of monetary penalty,” the central bank said.

Meanwhile, a penalty of Rs 1 lakh on the Nagar Sahkari Bank Limited, Etawah for contravention of certain regulations, including the one on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’.

Loading...

In both cases, the RBI said the penalty is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers.

ALSO READ | RBI imposes Rs 23 lakh fine on THESE co-operative banks

ALSO READ | RBI imposes a total penalty of Rs 8 lakh on 3 banks

Loading...

Latest Business News

Loading...

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

Loading...

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Loading...
Leave a comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More