The RBI actions are necessitated based on significant concerns arising out of RBI's IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner, the RBI said.
The bank shall, however, continue to provide services to its existing customers, including its credit card customers, the RBI said. "These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner," the RBI said.
Explaining the action, the RBI said dor two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines.
During the subsequent assessments, the bank was found to be significantly non-compliant with the Corrective Action Plans issued by the Reserve Bank for the years 2022 and 2023, as the compliances submitted by the bank were found to be either inadequate, incorrect or not sustained, the central bank said.
"In the absence of a robust IT infrastructure and IT Risk Management framework, the bank’s Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, the recent one being a service disruption on April 15, 2024, resulting in serious customerinconveniences," the RBI said.
During the investigations, the RBI found that the bank is materially deficient in building necessary operational resilience on account of its failure to build IT systems and controls commensurate with its growth.
a few minutes back.
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this is a welcome move. This is a fraud bank, sends promotional emails with zero fee offers and after issuing card levies the fees. So they deserve it truly.
https://www.moneycontrol.com/news/business/rbi-...
I am waiting for when SBI card and BOB Card get RBI ka danda. Two most haramkhor companies.
SBI Card ko bahot bade se bada fine lagna chahiye. Main mithai batunga aur Twitter pe unko aisa jalil karunga. Sarkari Badmash of India hai woh card company
What's the duration of the ban ?