Reserve Bank of India imposes Rs 25 lakh penalty on Punjab & Sind Bank

The Reserve Bank of India 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. The RBI issued a show-cause notice to the bank.