RBI imposes Rs 4.34 cr penalty on Bank of Baroda
New Delhi: India's Central bank and regulatory body, the Reserve Bank of India (RBI) has, by an order dated November 02, 2023 imposed a monetary penalty of Rs 4.34 crore for non-compliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures - Across Banks’.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Read Also : Public sector banks' total profit surpasses Rs 1.4 lakh crore in FY24After considering the bank’s reply to the notice, and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
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