Case Brief
What Happened
By an order dated September 17, 2025, RBI imposed a monetary penalty of Rs 3.75 lakh on Bharat Co-operative Bank (Mumbai) Limited. The penalty was imposed for non-compliance with RBI directions on 'Reporting of Unusual Cyber Security Incidents'. RBI said the bank failed to report incidents such as unplanned downtime that caused significant customer service disruptions due to the non-availability of the bank's IT systems. The penalty was issued under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.