RBI imposes Rs 5 crore penalty on Bank of Baroda for Forex irregularities
Advertisement
Advertisement
"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.
Also read: Govt infuses Rs 22,915 crore capital in public sector banks
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.
Advertisement
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.
Image source
Advertisement
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status
- Internet of Things (IoT) Applications
- 10 Ultimate road trip routes in India for 2024
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market