RBI Lifts Rs 5 Crore Penalty on Bank of Baroda for Soiled Note Remittance Shortfall

12 Jan 2024 , 01:31 PM

The Reserve Bank of India (RBI) has lifted the Rs 5 crore penalty imposed on Bank of Baroda (BOB), as per the bank’s regulatory filing on January 11.

The RBI communicated its decision through a letter dated January 10, 2024. The penalty, initially imposed on December 22, 2023, was related to a shortfall in soiled note remittances.

The penalty indicated concerns about the handling of notes that had undergone normal wear and tear.

For feedback and suggestions, write to us at [e-mail]