RBI imposes Rs 5 crore penalty on Bank of Baroda for Forex irregularities
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"Pursuant to the internal audit of the Bank of Baroda, the Reserve Bank of India and investigative agencies in October 2015 were advised by the Bank of certain irregularities observed," the bank stated.
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It was in October last year that the
As per these investigators, the amount was probably transferred as payments for imports, which never actually happened.
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The RBI investigation has now found out several deficiencies and failures in BoB’s internal control mechanisms as far as anti-money laundering provisions are considered.
"The Bank has implemented a comprehensive corrective action plan, to strengthen internal controls and to ensure that such incidents do not recur," Bank of Baroda added in its statement.
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