RBI fines Bank of Baroda INR 6.14 mln for violating certain directions
This story was originally published at 19:24 IST on 2 May 2025
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--RBI fines Bank of Baroda INR 6.14 mln for violating certain directions
NEW DELHI – The Reserve Bank of India has fined Bank of Baroda INR 6.14 million for not crediting interest in certain dormant savings accounts and for failing to ensure that its staff engaged in insurance corporate agency service did not get any non-cash incentives from an insurance company.
"The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions," the RBI said in a statement Friday. The bank was ordered to pay a fine on Tuesday after its reply to the RBI's notice and other submissions led the central bank to conclude that the charges warranted a penalty.
On Friday, shares of Bank of Baroda ended 0.5% down at INR 248.61 on the National Stock Exchange. End
Reported by Siddharth Upasani
Edited by Subhojit Sarkar
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