Case Brief
By an order dated September 29, 2023, RBI imposed a monetary penalty of Rs 10,000 on The Manjeri Co-operative Urban Bank Ltd., Manjeri, Malappuram District, Kerala. The penalty was imposed for non-compliance with RBI directions on customer protection for limiting customer liability in unauthorised electronic banking transactions, as well as the Basic and Comprehensive Cyber Security Frameworks for Primary (Urban) Co-operative Banks. RBI said the action followed a cyber security incident involving compromise of the bank's mobile banking application and an Information Technology Examination that revealed several lapses in the bank's cyber security framework. The penalty was imposed under Section 47-A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 10,000
- Entity Type
- Co-operative bank
- Location