Reserve Bank Of India Imposes Rs 2.66 Crore Penalty On Bank Of Bahrain & Kuwait BSC
Category: General

According to the Reserve Bank of India, Bank of Bahrain & Kuwait BSC, India operations has been fined Rs 2.66 crore for noncompliance with cyber security guidelines.

According to the Reserve Bank of India (RBI), the bank failed to implement systems to detect unusual and unauthorised activities in its databases.

A security operations center was not implemented to obtain real-time/near-real-time information on the bank's security posture, and audit logs were not enabled for the database and operating system of servers, according to the statement.

In response to the RBI's directions, a notice was issued to the bank asking it to show cause why a penalty should not be imposed.

RBI concluded that the charge of non-compliance with the aforesaid RBI direction was substantiated and the imposition of monetary penalties would be justified, according to the bank's response to the notice, oral submissions made during the personal hearing, and additional submissions made by the bank.

Furthermore, the RBI clarified that the penalty is not intended to constitute a judgment on the validity of any transaction or agreement entered into by the bank with its customers.

19 Dec, 2022 0 203
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