RBI imposes 1 cr fine on Indian Bank

RBI imposes 1 cr fine on Indian Bank

December 11, 2018

  1. The Reserve Bank of India imposed a fine of Rs 1 crore on Indian Bank for violating cybersecurity norms on 11 December 2018.
  2. This penalty has been imposed in the exercise of powers vested in RBI under the provisions of the Banking Regulation Act, 1949.
  3. RBI said that this action is based on deficiencies in regulatory compliance.
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