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The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1 crore on the country's biggest lender State Bank of India (SBI) and a Rs 1.95 crore fine on Standard Chartered Bank for the violation of various guidelines.
The monetary penalty has been imposed in exercise of powers vested in the RBI under the Banking Regulation Act, 1949.
The Reserve Bank of India (RBI) on Monday imposed a penalty of Rs 1 crore on the country's biggest lender State Bank of India (SBI), and a Rs 1.95 crore fine on Standard Chartered Bank, for the violation of various guidelines.
Tyagi said cyber security is extremely critical for market infrastructure institutions like stock exchanges, clearing corporations and depositories since technology is the underpinning for all these institutions.
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