RBI Slaps ₹66.7 Lakh Fine on Bank of Baroda, GIC Housing Finance
MUMBAI: The Reserve Bank of India announced on Friday that it has levied a fine of Rs 63.6 lakh on Bank of Baroda for failing to comply with certain provisions of the ‘Fair Practices Code for Lenders’ and ‘Know Your Customer (KYC)’ regulations. A separate penalty of Rs 3.1 lakh was imposed on GIC Housing Finance Ltd for similar non-compliance with KYC guidelines. The RBI stated it conducted a statutory inspection of Bank of Baroda to evaluate its supervisory practices as of March 31, 2025, leading to the issuance of a notice to the bank. Upon reviewing the bank’s response,…