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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
Christmas is celebrated with joy, lights, music, and togetherness in many parts of the world.…
The Auroville Foundation which is located in Puducherry has once again come into the national…
Tech billionaire Elon Musk has created history by becoming the first individual in the world…
Spices play a very special role in cooking, culture, and history across the world. Some…
India has once again strengthened its development partnership with Myanmar by handing over three Quick…
At the NDTV Indian of the Year 2025, Jay Shah was honoured with the 'Transformational…