Case Brief
RBI, by order dated April 10, 2024, imposed a monetary penalty of ₹5 lakh on The Kangra Co-operative Bank Ltd., New Delhi. The action followed an IT examination and scrutiny, along with inputs from CSIRT-Fin/CERT-In and a CERT-In empanelled auditor, after a cyber security incident reported by the bank. RBI concluded that the bank had failed to comply with the directions on the Basic Cyber Security Framework and the Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks, specifically by not putting in place certain mandated controls.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- New Delhi
- Order Date