RBI levied Rs 1 crore fine on Indian Bank for violating cyber security norms

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On Tuesday 11 Dec 2018,The Reserve Bank of India imposed a fine of Rs 1 crore on Indian Bank for violating cyber security norms.
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.
The action is on deficiencies in regulatory compliance and not on validity of any transaction or agreement entered into by the bank with its customers, the release added.

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