Delhi HC seeks RBI response on banks' preparedness against cyber frauds
Wednesday, 29 November 2023 The Delhi High Court has recently directed the Reserve Bank of India (RBI) to submit an affidavit, clarifying the guidelines issued to commercial banks about the required response to requests for information from cyber cells of police authorities in case of fraudulent transactions. The court also directed the Reserve Bank of India (RBI) to submit an affidavit, clarifying whether guidelines have been issued to banks regarding queries raised by the police and ensuring compliance with orders from police authorities or courts.
RBI's action against Paytm and Kotak Mahindra Bank for non-compliance raised concerns. Kotak Mahindra's failure to meet data storage requirements led to RBI directives. Similar actions were taken against HDFC Bank in 2020. The events underscore the need for stronger regulatory mechanisms.
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Wednesday, 29 November 2023
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