Hyderabad, 1/7: The Reserve Bank has imposed a penalty of Rs 65 lakh on city-based AP Mahesh Co-operative Urban Bank, for non-compliance with provisions of Cyber Security Framework for Primary (Urban) cooperative banks, Hyderabad Police said on Saturday.
The central bank imposed the monetary penalty of Rs 65 lakh on AP Mahesh Co-operative Bank after the RBI’s thorough cyber audit and the Hyderabad police investigation revealed the bank’s significant “lapses” which led to the breach pertaining to the case wherein hackers breached the bank’s systems through phishing mails and siphoned off Rs 12.48 crore in January 2022.