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The Reserve Bank of India (RBI) has imposed a monetary penalty of INR 10 million on Indian Bank for contravention of RBI circular on Cyber Security Framework in banks issued by the regulator in June 2016 and Master Directions on Frauds- Classification and Reporting by Commercial Banks issued in July 2016.
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," RBI has clarified.
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