The RBI (Reserve Bank of India) imposed a Rs 25 lakh penalty on Punjab and Sind Bank.
05 July 2021 Current Affairs:The RBI (Reserve Bank of India) imposed a Rs 25 lakh penalty on Punjab and Sind Bank for non-compliance with positive provisions of directions on ‘Cyber Security Framework in Banks. The state-owned bank had suggested a few cyber incidents to the RBI on May sixteen and twenty, the central bank said while giving details. Accordingly, the central bank had issued a show-cause note to the bank asking it why a penalty need to now not be imposed for non-compliance with the instructions issued through RBI.
This penalty has been imposed in the exercising of powers vested in RBI below the provisions of part forty seven A (1) (c) read with sections 46 (4) (i) and fifty one (1) of the Banking Regulation Act, 1949.
This penalty has been imposed in the exercising of powers vested in RBI below the provisions of part forty seven A (1) (c) read with sections 46 (4) (i) and fifty one (1) of the Banking Regulation Act, 1949.