Tax & Penalty3 Jul 2026, 07:10 pm
RBI Fines Bank of Baroda ₹63.60 Lacs for Interest & KYC Lapses
AI Summary
The Reserve Bank of India (RBI) has imposed a penalty of ₹63.60 lacs on Bank of Baroda. The penalty stems from two violations: collecting interest higher than the contracted rate in certain loan accounts and failing to upload KYC records of some customers onto the Central KYC Records Registry (CKYCR) within the stipulated timeline. The bank has confirmed that its Profit & Loss statement will be impacted by this amount. The RBI's order was received on July 3, 2026.
Key Highlights
- Bank of Baroda fined ₹63.60 lacs by RBI.
- Violations include excess interest collection.
- KYC record upload delays also cited.
- Penalty will impact the bank's P&L.
- RBI action is a regulatory compliance issue.
Price Impact
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