RBI imposes Rs 66.7 lakh penalty on Bank of Baroda, GIC Housing Finance

The Reserve Bank of India has levied significant penalties on Bank of Baroda and GIC Housing Finance for regulatory breaches. Bank of Baroda faces a Rs 63.6 lakh fine for charging excess interest and delayed KYC record uploads. GIC Housing Finance has been fined Rs 3.1 lakh for failing to conduct timely risk reviews of accounts. These actions highlight the RBI's commitment to enforcing fair lending and customer identification practices.

Raccontata daeconomictimes.indiatimes.com