India, May 5 -- The Reserve Bank of India (RBI) has, by an order dated April 29, 2025, imposed a monetary penalty of ?61.40 lakh (Rupees Sixty One Lakh Forty Thousand only) on Bank of Baroda (the bank) for non-compliance with certain directions issued by RBI on 'Financial Services provided by Banks' and 'Customer Service in Banks' read with 'Interest Rate on Deposits'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of...