By Admin 
- This fine has no impact on bank services to customers.
Bank of Baroda: Nowadays, most of the people deposit their savings in the bank, so that they can get interest on it and benefit from it. Apart from this, many people also take loan from the bank when needed. In such a situation, imagine that if for some reason RBI takes action against the bank in which you have an account, then in such a situation many questions will arise in the minds of the customers. Meanwhile, the Reserve Bank of India i.e. RBI has imposed a fine on Bank of Baroda. Know the reason behind this fine?
Why did RBI impose penalty on the bank?
RBI’s investigation has revealed that the bank did not follow some important rules related to KYC and Fair Practice Code for lenders, hence a fine was imposed on it. Apart from this, investigation also revealed that more interest was charged on some loan accounts than the prescribed norms. Not only this, but KYC records of some customers were also not uploaded on time.
All allegations turned out to be true
Let us tell you that during the investigation by RBI, lack of compliance with the rules was found, after which RBI sent a notice to Bank of Baroda to explain the reason. In which RBI found the allegations true, after which a fine of Rs 63.60 lakh was imposed on the bank.
Gold becomes expensive again, know what is the condition of silver, see the rate list of 24K, 22K, 18K gold and silver.
Will customers face problems?
- RBI took this action for not following the rules of the bank.
- Therefore, this fine will not have any impact on the bank accounts of the customers.
- Whatever service the customers are taking from the bank, it will continue as before.
- This action will not affect the customer.
Big update on gas cylinder prices, know the new rates of domestic and commercial LPG