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RBI slaps Rs 10 mn fine 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

Press Trust of India  |  Mumbai 

Indian Bank

The Tuesday said it has imposed a fine of Rs 10 million on for violating cybersecurity norms.

The has imposed, by an order dated November 30, 2018, a monetary penalty of Rs 10 million on for contravention of Circular on 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

"This penalty has been imposed in the exercise of powers vested in 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.

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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.

First Published: Tue, December 11 2018. 13:20 IST
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