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A penalty of Rs 5 crore has been imposed on Bank of Baroda by the Reserve Bank of India in the alleged Rs 6000 crore forex related irregularities which came in light during October last year.
The bank has informed the exchanges that “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 RBI investigation has noted deficiencies and failures in the internal control mechanisms in respect of certain anti-money laundering provisions by the state-run lender.
