RBI levies Rs 63 lakh penalty on Bank of Baroda
The Reserve Bank of India (RBI) imposed a penalty of ₹63.60 lakh on Bank of Baroda for violating its Fair Practices Code and Know Your Customer (KYC) guidelines. The RBI found that the bank charged higher interest rates than contractually agreed and failed to upload KYC records to the Central KYC Records Registry on time. This action follows a statutory inspection conducted by the RBI regarding the bank's financial position as of March 31, 2025.