RBI has imposed a monetary penalty of ₹63.6 lakh on the Bank of Baroda (BoB) for charging interest rates higher than the contracted rates, failing to upload Know Your Customer (KYC) records to the Central KYC Records Registry (CKYCR) within the stipulated timelines, and non-compliance with the 'Fair Practices Code'.
The central bank has also imposed a penalty of ₹3.1 lakh on GIC Housing Finance due to deficiencies in compliance with KYC guidelines.