RBI imposes monetary penalty on Dombivli Nagari Sahakari Bank Limited, Dombivli (Maharashtra)

Case Brief

RBI imposed a monetary penalty on Dombivli Nagari Sahakari Bank Limited, Dombivli, for non-compliance with its directions on the Basic Cyber Security Framework and the Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs). RBI said its IT examination and scrutiny in March 2022, carried out with reference to a cyber security incident, found that the bank had failed to put in place certain mandated controls. After issuing a show-cause notice and considering the bank's replies and oral submissions, RBI concluded that the non-compliance was substantiated and imposed a penalty under the Banking Regulation Act, 1949.