The Reserve Bank of India imposed a fine of Rs 1 Crore on Indian Bank for violating cyber security norms. In an order dated November 30, 2019, monetary penalty of Rs 10 million on Indian Bank for contravention of Circular on Cyber Security Framework in banks, the Central Bank said in a release. The contravention is with regard to RBI's directions on Frauds- Classification and Reporting by Commercial Banks. It said, “This penalty has been imposed in exercise of powers vested in RBI under the provisions of... the Banking regulation Act, 1949 taking into account the failure of the bank to adhere to the aforesaid guidelines and directions issued by RBI.” The 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.
Amazon invests $400 million more in its Indian subsidiaries
If recent reports are to be believed, US-based world's largest e-tailer Amazon has invested an additional $400 million in two of its Indian subsidiaries. An online platform said. “Our tally of Amazon's total investment in its Indian subsidiaries, including this, is $3.6 billion.” Documents submitted by Amazon filed with the regulators at a meeting on August 6 in Bengaluru suggest the board of directors of Amazon Seller Services Ltd approved allotment of 270 Crore equity shares of Rs 10 face value of Rs 2700 Crore to the Singapore-based Amazon Corporate Holdings Ltd and an additional 124,753 shares to Amazon.com Incs Ltd without premium. Amazon Services said in a filing, “The Amazon board has consented to allot 260 Crore shares of Rs 10 face value aggregating RS 2600 Crore to the shareholders on rights basis in the ratio of their shareholding.”
