RBI slaps Rs 1 cr fine on Indian Bank for violating cyber security norms
The RBI imposed, by an order dated 30 November, 2018, a monetary penalty of Rs 1 crore on Indian Bank for contravention of Circular on Cyber Security Framework in banks, the central bank said.
Mumbai: The Reserve Bank of India (RBI) on 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 30 November, 2018, a monetary penalty of Rs 1 crore 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.
India's retail inflation surged to 7.79 per cent in April, the highest since May 2014. Experts note that steeper edible oil and supply chain disruptions owing to the Russia-Ukraine war are responsible for rising prices
Introduced by the Reserve Bank of India in 2016, MCLR is the minimum interest at which banks can lend to their customers. MCLR is generally revised on a monthly basis
Inflation has remained above the RBI's comfort zone of 6 per cent for four months in a row mainly due to the Russia-Ukraine war which has impacted the prices of commodities across the globe