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:
The International Day for Disarmament and Non-Proliferation Awareness is observed every year on March 5.…
National Panchayati Raj Day 2026 will be observed across India on 24 April 2026. The…
Scotland has become the first country in the United Kingdom to legalize water cremation, also…
India is observing National Safety Day 2026 on March 4. The day reaffirming its commitment…
World Obesity Day 2026 will be observed on March 4. This year drawing global attention…
India has overtaken the United States to become the second highest country globally for childhood…