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RBI imposes Rs 25 lakh penalty on Punjab & Sind Bank

RBI imposes Rs 25 lakh penalty on Punjab & Sind Bank_50.1

The Reserve Bank of India 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. Accordingly, the central bank had issued a show-cause notice to the bank asking it why a penalty should not be imposed for non-compliance with the directions issued by RBI.

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This penalty has been imposed in the exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 1949.

Important takeaways for all competitive exams:

  • Punjab and Sind Bank Founder: Vir Singh;
  • Punjab and Sind Bank Founded: 24 June 1908;
  • MD & CEO of  Punjab and Sind Bank: S Krishnan.

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RBI imposes Rs 25 lakh penalty on Punjab & Sind Bank_60.1

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