Mumbai : The Reserve Bank of India (RBI) has imposed, by an order dated July 31, 2019, monetary penalty of ₹ One Crore on Corporation Bank (the bank) for non-compliance with the directions issued by RBI on (i) Cyber Security Framework in Banks and (ii) Frauds Classification and Reporting by commercial banks and select FIs.

This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

New Delhi : Union Minister of Commerce & Industry and Railways, Piyush Goyal, held a meeting with senior managers of IT companies in New Delhi yesterday. The meeting was held to discuss opportunities for Indian IT companies to invest and grow their business in new markets like the Nordic countries, Eastern and Central Europe, Canada, Australia and Africa and also explore avenues for greater investments and growth in East Asian markets like China, Japan and Korea.

New Delhi : The Lok Sabha today passed the Consumer Protection Bill 2019 after due consideration and discussion. The Union Minister for Consumer Affairs, Food and Public Distribution Shri Ram Vilas Paswan said that the bill aims at protecting the interests of consumers by establishing authorities for timely and effective administration and settlement of consumers’ dispute. Moving the Bill, Minister of State for Consumer Affairs, Food and Public Distribution, Shri Raosaheb Patil Danve said the Bill aims to simplify a number of rules.

New Delhi : Minister of Commerce and Industry, Piyush Goyal, in a written reply in the Rajya Sabha today stated that, A draft National e-Commerce policy has been prepared and placed in public domain, which addresses six broad issues of the e-commerce ecosystem viz. e-commerce marketplaces; regulatory issues; infrastructure development; data; stimulating domestic digital economy and export promotion through e-commerce.

Mumbai : The headquarters of Maharashtra Cyber Security Project, a brainchild of Chief Minister Devendra Fadanvis will be located in Millennium Business Park at Mahape, Navi Mumbai. The place was handed over to Maharashtra Cyber Security Project today to setup the Headquarters equipped with the latest technology required for investigation of Cyber Crimes. This will help to tackle Cyber Crime effectively, said Balsingh Rajput, S.P. Cyber in his Linked-in post.