Reserve Bank of India (RBI) Imposes ₹66.7 Lakh Penalty on Bank of Baroda and GIC Housing Finance

Key facts

• The Reserve Bank of India (RBI) imposed a total monetary penalty of ₹66.7 lakh on Bank of Baroda and GIC Housing Finance for non-compliance with regulatory norms.
• Bank of Baroda was fined ₹63.6 lakh for violating provisions of the Fair Practices Code for Lenders and Know Your Customer (KYC) regulations.
• The RBI found that Bank of Baroda charged interest higher than the contracted rate in certain loan accounts and failed to upload customer records to the Central KYC Records Registry (CKYCR) within prescribed timelines.
• GIC Housing Finance was penalised ₹3.1 lakh for deficiencies related to compliance with the KYC directions issued by the RBI.
• The penalty on GIC Housing Finance followed a statutory inspection conducted by the National Housing Bank (NHB) based on the company's financial position as on March 31, 2025.