Rbi Levies Rs 63 Lakh Penalty On Bank Of Baroda
Indian Express
The Reserve Bank of India (RBI) has imposed a penalty of Rs 63.60 lakh on Bank of Baroda (BoB) for non-compliance with provisions of directions issued by the RBI on charging interest rates under the...
The Reserve Bank of India (RBI) has imposed a penalty of Rs 63.60 lakh on Bank of Baroda (BoB) for non-compliance with provisions of directions issued by the RBI on charging interest rates under the Fair Practices Code for Lenders and Know Your Customer (KYC) guidelines.
In a statement, the RBI said it found that the charges against the bank were substantiated, warranting the imposition of a monetary penalty, as the bank had charged interest in certain loan accounts at rates higher than those contractually agreed upon and had failed to upload the KYC records of certain customers to the Central KYC Records Registry (CKYCR) within the prescribed timeline, it said on Friday.
The statutory Inspection for Supervisory Evaluation (ISE 2025) of the bank was conducted by RBI with reference to its financial position as on March 31, 2025, it said, adding a notice was issued to the bank advising it to show cause.