The Reserve Bank of India has levied a penalty of ₹63.6 lakh on Bank of Baroda due to the bank applying interest rates exceeding the contractually agreed terms on specific loan accounts. In a separate action, GIC Housing Finance was fined ₹3.1 lakh for failing to adhere to KYC regulations. The lender did not perform the mandatory periodic assessments of customer risk categories as instructed.

by shortkt.com✓

3 hours ago