RBI imposes Monetary Penalty on Bank of Baroda, Know Why?

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹63.60 lakh (Rupees Sixty three lakh sixty thousand only) on Bank of Baroda as:

• the bank had collected interest, higher than the contracted rate of interest, in certain loan accounts.
• the bank did not upload KYC records of certain customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline.

Apart from Bank of Baroda, RBI has also imposed monetary penalty on GIC Housing Finance Limited.

The Reserve Bank of India (RBI) has, by an order dated June 24, 2026, imposed a monetary penalty of ₹3.10 lakh (Rupees Three lakh Ten thousand only) on GIC Housing Finance Limited as the company failed to put in place a system of periodic review of risk categorisation of accounts, with such periodicity being at least once in six months.

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