RBI imposes penalty of ₹5 cr on Bank of Baroda
The Reserve Bank of India has imposed a penalty of ₹5 crore on Bank of Baroda in the alleged ₹6,000 crore forex related irregularities that were observed in October last year. The RBI had carried out an investigation and noted weaknesses and failures in the bank's internal control mechanisms including transaction monitoring, and assigning of Unique Customer Identification Code.