1 crore fine on bank for violating cyber security norms

RBI has penalised the bank for not following cyber security framework guidlines

1 crore fine on bank for violating cyber security norms - CSO Forum
The Reserve Bank of India (RBI) has imposed a monetary penalty of INR 10 million on Indian Bank  for contravention of RBI circular on Cyber Security Framework in banks issued by the regulator in June 2016 and Master Directions on Frauds- Classification and Reporting by Commercial Banks issued in July 2016.  
 
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," RBI has clarified.

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