Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹10 million on Indian Bank by an order dated November 30, 2018. The penalty was for contravention of RBI's Circular on Cyber Security Framework in banks and the Master Directions on Frauds - Classification and Reporting by Commercial Banks. RBI said the bank failed to adhere to the relevant guidelines and directions issued under the Banking Regulation Act, 1949, and clarified that the action reflected regulatory compliance deficiencies rather than any view on the validity of customer transactions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty