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The penalty of Rs 5 crore imposed on Bank of Baroda (BOB) has been lifted by the Reserve Bank of India (RBI), as disclosed in the state-owned bank’s regulatory filing on January 11.
In its statement, BOB reported, “The Reserve Bank of India (RBI), through its letter dated January 10, 2024, has decided to waive the Rs 5 crore penalty that was earlier imposed on our bank.”
The fine, initially enforced on December 22, 2023, was connected to a deficiency in the remittance of soiled notes, indicating concerns regarding the handling of currency notes that had experienced normal wear and tear.
