Reserve Bank of India (RBI) has imposed a penalty of Rs 30 lakh on Bank of Baroda, for some contravention in certain accounts at the time of amalgamation exercise, from the Reserve Bank’s directions on operations of small accounts and in payment of interest rates on certain term deposit accounts due to some system bugs at the time of amalgamation. The said inadequacies have been duly rectified and system checks have been also put in place to prevent any future recurrence.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
