For Quick Alerts
For Daily Alerts

RBI Imposes Penalty Of Rs 5 Crore on Bank of Baroda


Reserve Bank of India (RBI) has imposed penalty of Rs 5 crore on Bank of Baroda on finding irregularities under Banking Regulation Act, 1949


Pursuant to the internal audit of the Bank of Baroda, the Reserve Bank of India and investigative agencies in October 2015 were advised by the Bank of certain irregularities observed, the statement said.

RBI Imposes Penalty Of Rs 5 Crore on Bank of Baroda
Bank of Baroda: Quotes, News
BSE 80.30BSE Quote0.3 (-0.37%)
NSE 80.30NSE Quote0.3 (-0.37%)

The RBI carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain AML provisions such as monitoring of transactions, timely reporting to FIU, and assigning of UCIC to customers. The Bank fully cooperated with the RBI during the process, leading to the conclusion of its findings.

The Bank has implemented a comprehensive corrective action plan, to strengthen intemal controls and to ensure that such incidents do not recur.

Shares of the bank were seen trading at Rs 153, higher by 1.39 per cent on BSE at 10.56 am IST. The stock touched an intra-day high of Rs 153.75 during trade.

Read more about: rbi bank of baroda
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X