Bank of Baroda

RBI imposed a monetary penalty of Rs 63.60 lakh on Bank of Baroda. The action followed findings of non-compliance with Fair Practices Code for Lenders and KYC directions.

Bank of Baroda must absorb the monetary penalty and address the compliance gaps identified by RBI. The findings relate to lending practices and KYC record maintenance, with implications for borrowers in affected loan accounts and customers whose KYC records were delayed; RBI also noted that further action may still be initiated separately.

• section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

RBI imposed a ₹61.40 lakh penalty on Bank of Baroda for non-compliance with directions on financial services, customer service, and interest on deposits. The bank was found to have failed on staff incentive controls and interest crediting in dormant/frozen savings accounts.

Bank of Baroda must absorb the monetary penalty and address the compliance gaps identified by RBI, especially around staff incentive controls and timely interest crediting in dormant/frozen savings accounts. The order does not invalidate customer transactions, but it signals ongoing supervisory scrutiny and the possibility of further RBI action if issues persist.

• Section 47A(1)(c)
• Sections 46(4)(i)
• Section 51(1) of the Banking Regulation Act, 1949

RBI imposed a ₹4.34 crore penalty on Bank of Baroda for multiple compliance lapses. The issues included inaccurate large-exposure reporting, improper lending practices, and non-adherence to deposit interest rate disclosures.

Bank of Baroda must absorb the monetary penalty and address the compliance deficiencies identified by RBI. The findings highlight obligations around accurate regulatory reporting, prudent lending, and correct interest treatment on deposits, with continuing supervisory implications for the bank and its customers.

• Section 47 A (1) (c) read with Sections 46 (4) (i) and 51(1) of the Banking Regulation Act, 1949

RBI has barred Bank of Baroda from onboarding any new customers onto its bob World mobile app until deficiencies are fixed. Existing users must not face disruption.

Bank of Baroda cannot add new customers to bob World until RBI is satisfied that the onboarding deficiencies have been corrected and controls strengthened. Existing bob World users should continue to have uninterrupted access, but the bank must remediate the observed issues before lifting the restriction on fresh onboarding.

• section 35A of the Banking Regulation Act, 1949

RBI imposed a ₹30 lakh penalty on Bank of Baroda for compliance lapses. The bank was found to have violated KYC directions and interest-rate disclosure requirements for deposits.

Bank of Baroda must absorb the monetary penalty and address the compliance deficiencies identified by RBI. The findings relate to customer KYC controls, transaction-limit monitoring in small accounts, and deposit-rate adherence, which could prompt tighter internal controls and stronger supervisory compliance going forward. No direct operational restriction on deposit-taking or lending was imposed in this release.

• section 47 A (1) (c) read with section 46 (4) (i) and Section 51(1) of the Banking Regulation Act, 1949

RBI imposed monetary penalties on fourteen banks for various compliance failures. The penalties ranged from Rs 50 lakh to Rs 1 crore.

All fourteen banks must absorb the monetary penalty and address the cited compliance weaknesses. The action has no stated direct effect on customer transactions, but it signals supervisory scrutiny of lending, exposure reporting, and statutory compliance practices.

• Section 19(2) of Banking Regulation Act, 1949
• Section 20 (1) of Banking Regulation Act, 1949
• section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1), of the Banking Regulation Act, 1949

This RBI action affected 14 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on Bank of Baroda and Indian Bank for compliance lapses. The issues involved KYC/AML norms and, for Bank of Baroda, additional directions on cheque collection, fraud reporting, and customer record preservation.

Both banks face monetary penalties and regulatory censure for compliance deficiencies. The action does not itself impose an operating restriction, but it underscores the need for stronger controls around account opening, customer due diligence, fraud reporting, and record preservation.

This RBI action affected 2 entities. This profile is linked as primary.

RBI imposed monetary penalties on eleven banks for delayed or non-reporting of frauds under its fraud classification and reporting directions.

The affected banks must absorb the monetary penalties and are put on notice for lapses in fraud reporting and regulatory compliance. The action has no stated withdrawal or operational ban, but it underscores expectations for timely fraud reporting to RBI going forward.

• Section 47A(1)(c)
• Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

This RBI action affected 11 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on seven banks for non-compliance with multiple RBI directions. The action was taken under the Banking Regulation Act after scrutiny and show-cause proceedings.

Each named bank must absorb the monetary penalty and address the compliance weaknesses identified by RBI. The order does not invalidate customer transactions, but it signals supervisory concerns and may lead to tighter internal controls and future scrutiny.

• Section 47A(1)(c)
• Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

This RBI action affected 7 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as primary.

RBI imposed monetary penalties on four banks for non-compliance with several supervisory directions. The banks named are Bank of Baroda, Corporation Bank, State Bank of India, and Union Bank of India.

The named banks are required to bear the imposed penalties and address the compliance deficiencies identified by RBI. The action has no stated direct restriction on banking operations or customer access, but it signals supervisory findings that may affect regulatory scrutiny going forward.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 4 entities. This profile is linked as primary.

RBI imposed monetary penalties on 13 banks for KYC/AML and related regulatory violations. The scrutiny also found issues around account monitoring, STR filing, and FEMA-related compliance.

The penalised banks must absorb the monetary penalties and address the compliance gaps identified by the RBI, particularly around KYC, transaction monitoring, STR reporting, and FEMA-related controls. The eight other banks named in the release were not penalised, but were advised to strengthen measures and periodically review compliance processes on an ongoing basis.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 21 entities. This profile is linked as bulk member.

RBI imposed a monetary penalty on ICICI Bank Ltd. for KYC/AML violations linked to fictitious accounts used in a fraud. Similar scrutiny was also carried out for four other banks, but only two were penalized.

ICICI Bank Ltd. must absorb the penalty and, along with the other scrutinized banks, strengthen KYC controls and transaction monitoring to prevent fictitious or unauthorized accounts from being opened and used undetected. The release does not indicate any operating restriction beyond the penalty, but it signals the need for tighter compliance processes and remedial controls.

• Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 5 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on 22 banks for various KYC/AML and related compliance violations. The release also says seven other banks were only cautioned, not fined.

Each of the 22 named banks must bear the monetary penalty and face the compliance finding recorded by RBI. The action does not impose an ongoing operational restriction, but it signals supervisory concerns over KYC/AML and transaction-monitoring controls.

• Section 47(A)(1)(c) of the Banking Regulation Act, 1949
• Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 22 entities. This profile is linked as bulk member.

RBI imposed a Rs 5 lakh penalty on Bank of Baroda for violating Section 24 of the Banking Regulation Act. The bank had improperly netted liabilities in inter-office accounts, affecting CRR/SLR calculations.

Bank of Baroda is required to absorb the monetary penalty; no operating restriction is described in this release. The action is a completed enforcement measure with no stated ongoing operational cap, but it signals RBI scrutiny of liability reporting and CRR/SLR compliance practices.

• Section 47 A (1)(b) of the Banking Regulation Act 1949
• Section 24 of Banking Regulation Act, 1949