RBI imposes Rs 2.66 crore penalty on Bank of Bahrain & Kuwait BSC for violation of cyber security norms

Tags: Economy/Finance

The Banking sector regulator Reserve Bank of India (RBI) imposed a penalty of Rs 2.66 crore on Bank of Bahrain & Kuwait BSC, India operations for non-compliance with directions on “Cyber Security Framework” in Banks on 19 December 2022. In a statement, the Reserve Bank of India (RBI) said the bank failed to implement systems to detect unusual and unauthorized, internal or external activities in its database.

The fines were imposed on the bank by RBI under the Banking Regulation Act 1949.

Bank of Bahrain & Kuwait BSC

Bank of Bahrain and Kuwait (BBK) was incorporated in Bahrain in March 1971. 

It is a foreign bank which started its India operation in 1986 as a scheduled commercial bank.

It has four branches in India in Mumbai, New Delhi, and Hyderabad and at Aluva (Kerala).

Country head and Chief Executive Officer: Mallikarjun Kota