RBI imposes Monetary Penalty on this PSU Bank

Bank of Baroda(BOB) has been fined ₹63.60 lakh (Rupees sixty-three lakh sixty thousand only) by the Reserve Bank of India (RBI) as follows:

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.

In an order dated June 24, 2026, the Reserve Bank of India (RBI) fined GIC Housing Finance Limited ₹3.10 lakh (Rupees Three lakh Ten thousand only) for failing to implement a system of periodic review of risk categorization of accounts, with such periodicity being at least once every six months.