RBI Hands Out ₹66.7 Lakh Fine to Two Banks for Rules Violation

The RBI played the role of the compliance referee, handing out a whopping ₹66.7 lakh fine to Bank of Baroda and GIC Housing Finance. Bank of Baroda got hit with ₹63.6 lakh for skipping the rules, while GIC had to cough up ₹3.1 lakh for KYC mix-ups. Looks like both banks need to brush up on their playbook!