RBI Slaps Fine on Bank of Baroda and GIC Housing Finance

So, the Reserve Bank of India just hit Bank of Baroda with a fine of ₹63.6 lakh for bending the rules of the 'Fair Practices Code'. Meanwhile, GIC Housing Finance got a ₹3.1 lakh slap on the wrist for not keeping their KYC game tight. Looks like the RBI is the compliance superhero we never knew we needed, keeping these banks on their toes. Who knew they were such rule aficionados?

Quick rundown

1.RBI penalizes Bank of Baroda for KYC non-compliance.

2.GIC Housing Finance faces penalty for risk review lapses.

3.Bank of Baroda charged higher interest than agreed.

4.GIC Housing Finance lacked a six-month risk review system.

5.Penalties highlight regulatory compliance deficiencies.

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