The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Corporation Bank (the bank) for non-compliance with the directions issued by RBI on Cyber Security Framework in Banks and Frauds Classification and Reporting by commercial banks and select FIs.
This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act). This action is based on the 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.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906.
