RBI fines Rs 2.66 billion against Banks of Bahrain and Kuwait for cyber security issues

RBI fines Rs 2.66 billion against Banks of Bahrain and Kuwait for cyber security issues

RBI says penalties are based on regulatory compliance deficiencies.(File)


The Reserve Bank today said it had imposed a penalty of Rs 2.66 crore on the operations of Bahrain & Kuwait Bank BSC, India for failing to comply with cybersecurity framework guidelines.

In a statement, the Reserve Bank of India (RBI) said the bank had not implemented systems to detect unusual and unauthorized activities, internal or external, in its database.

It also failed to implement a security operations center to collect real-time/near-real-time information and insights into the bank’s security posture and enable audit logs for the facility. data and the server’s operating system, among other things, according to the statement.

A notice was sent to the bank asking them to give reasons why a penalty should not be imposed on the bank for not following the guidelines issued by the RBI.

“After reviewing the bank’s response to the notice, the oral submissions made in the individual hearing, and the additional submissions made by the bank, RBI has come to the following conclusion: that the allegation of non-compliance with said RBI directives has been proven and warrants the imposition of fines, to the extent of non-compliance with such guidelines,” it said.

The RBI also said the penalty is based on deficiencies in regulatory compliance and is not intended to be a representation of the validity of any transaction or agreement entered into by the bank with its customers.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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