Rs 12.48 crore stolen by hackers: RBI fines bank for security lapse

In a first of its kind penalty, the Reserve Bank of India (RBI) has imposed Rs 65 lakh fine on AP Mahesh Cooperative Urban Bank for non-compliance of the Cyber Security Framework for Primary (Urban) Cooperative Banks. The apex 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 hackers breach the bank’s systems and syphon off Rs 12.48 crore.

How the Rs 12.28 crore online robbery took place

The multi-crore online bank robbery took place on January 24, 2022. Mahesh AP Bank reported a cyber theft wherein a hacker broke into the bank’s systems and stole Rs 12.48 crore.