RBI imposes Rs 5 cr fine on Axis Bank

Mumbai, July 28

The RBI on Wednesday said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cyber security framework.

These include ‘Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer’; ‘Cyber Security Framework in Banks’; and ‘RBI (Financial Services provided by Banks) Directions, 2016’. — PTI