The Reserve Bank of India imposed a penalty of Rs 1.21 crore on three urban cooperative banks of India for breaching the RBI norms on Monday.
The major fine has been imposed on the AP Mahesh Cooperative Urban Bank. The other banks included Dombivli Nagari Sahakari Bank, Urban Cooperative Bank, Rourkela.
A monetary penalty of Rs 50.00 lakh was imposed on Dombivli Nagari Sahakari Bank Limited, as the UCB was found guilty of non-compliance with directions issued by RBI on ‘Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) and ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’.
Similarly, RBI imposed a monetary penalty of Rs 65.00 lakh on Andhra Pradesh Mahesh Co-operative Urban Bank for non-compliance with directions issued by RBI on ‘Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs), ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) and others.
The third bank which was penalised by the RBI for Rs 6 lakh is the Urban Co-operative Bank Limited, Rourkela. The UCB was found guilty of non-adherence with the directions KYC and Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks.