RBI fines Bank of Baroda 63.6L for interest, KYC lapses
Business
Bank of Baroda just got hit with a ₹63.6 lakh penalty from the Reserve Bank of India (RBI).
The RBI found the bank had charged some customers higher interest rates than promised and was slow to update KYC details in the central registry.
This announcement came on July 3, 2026, after a detailed inspection of the bank's operations.
RBI rejects Bank of Baroda defense
Even after Bank of Baroda explained itself and shared extra documents, RBI stuck to its findings and imposed the fine under banking regulations.
This move shows RBI isn't messing around when it comes to making sure banks play by the rules in India.