The Reserve Bank of India (RBI) has imposed a penalty of Rs 61.40 lakh on Bank of Baroda for non-compliance with certain directions on 'Financial Services provided by Banks' and 'Customer Service in Banks'.
The penalty is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
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.
