The RBI (Reserve Bank of India) imposed a Rs 25 lakh penalty on Punjab and Sind Bank.
05 July 2021 Current Affairs:The RBI (Reserve Bank of India) imposed a Rs 25 lakh penalty on Punjab and Sind Bank for non-compliance with positive provisions of directions on ‘Cyber Security Framework in Banks. The state-owned bank had suggested a few cyber incidents to the RBI on May sixteen and twenty, the central bank said while giving details. Accordingly, the central bank had issued a show-cause note to the bank asking it why a penalty need to now not be imposed for non-compliance with the instructions issued through RBI.
This penalty has been imposed in the exercising of powers vested in RBI below the provisions of part forty seven A (1) (c) read with sections 46 (4) (i) and fifty one (1) of the Banking Regulation Act, 1949.