RBI imposes Rs 5 crore penalty on Bank of Baroda

25 Jul 2016 Evaluate

Reserve Bank of India (RBI) has imposed a penalty of Rs 5 crore on Bank of Baroda. The penalty follows the RBI carrying out investigation and noting deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain AML (anti-money laundering) provisions such as monitoring of transactions, timely reporting to FIU (Financial Intelligence Unit), and assigning of UCIC (unique customer identification code) to customers. The Bank fully cooperated with the RBI during the process, leading to the conclusion of its findings. The Bank has implemented a comprehensive corrective action plan, to strengthen internal controls and to ensure that such incidents do not recur.

Bank of Baroda has posted a net loss of Rs 3230.14 crore for the quarter ended March 31, 2016 as compared to a net profit of Rs 598.35 crore for the same quarter in the previous year. However, total income of the bank has increased by 6.07% at Rs 12789.06 crore for quarter under review as compared to Rs 12057.39 crore for the quarter ended March 31, 2015.

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