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 Gujarat Chief Minister Bhupendra Patel has made an announcement about awarding the Vishisht Gujarat…
Reserve Bank of India has granted approval for the appointment of Anup Kumar Saha as…
Governor Gavin Newsom has approved the Assembly Bill 1267 (AB 1267), which bans child marriage…
The manufacturing sector in India saw a pick-up in September 2026, as the HSBC India…
Narendra Bhooshan, who is the 1992-batch of Indian Administrative Service (IAS) from the Uttar Pradesh…
Indian batsman Rohit Sharma crossed the 12,000 ODI runs mark in the second ODI match…