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:
For the sustainable water management and agricultural development, India's first Rock Check Dam has been…
In a significant political development in a state of Karnataka, as D.K. Shivakumar set to…
Central Government has give the additional charge of Secretary, Department of Defense Research and Development,…
Indian Railways has unveiled the redesigned 18 star logo mark the creation of the South…
The Kempegowda International Airport of Bengaluru has overtaken the Mumbai’s Chhatrapati Shivaji Maharaj International Airport…
The Ministry of Health and Family Welfare has released the National Family Health Survey-6 (NFHS-6)…