RBI · Enforcement
RBI fines Bank of Baroda ₹63.6 lakh for rule breaches
Penalty for collecting excess interest and delayed KYC uploads.
What changed
- Bank collected interest higher than contracted rate in some loan accounts
- Bank failed to upload KYC records to CKYCR within prescribed timeline
The read
The Reserve Bank of India has fined Bank of Baroda ₹63.60 lakh for violations of its Fair Practices Code and KYC directions. The penalty, imposed on June 30, 2026, stems from supervisory findings showing the bank collected interest above the contracted rate in certain loan accounts and failed to upload KYC records to the Central KYC Records Registry on time. The RBI stated that the action is based on regulatory compliance deficiencies and does not judge the validity of underlying transactions. This penalty reflects RBI's zero tolerance for lender misconduct.
Key numbers
- Penalty amount: ₹63.60 lakh
- Order date: June 30, 2026
- Inspection reference: ISE 2025
Primary source: rbi.org.in