State-owned lender Financial institution of Baroda (BOB) Thursday mentioned the Reserve Financial institution of India (RBI) has determined to waive the ₹5 crore penalty that was beforehand imposed on it on account of a shortfall in dirty observe remittances.
” In continuation to our letter no BCC:ISD:115:16:327 dated 22.12.2023, we advise that Reserve Financial institution of India (RBI) vide its letter dated tenth January 2024 has waived the penalty of Rs.5 crore imposed on our Financial institution,” the lender mentioned in a regulatory submitting on January 11
Earlier, on December 22, 2023, BOB had revealed that the Reserve Financial institution had fined the lender ₹5 crore. The penalty was attributed to a shortfall in dirty observe remittances, indicating points with the dealing with of notes that had undergone regular put on and tear.
(It is a creating story. Please test again for updates)
Unlock a world of Advantages! From insightful newsletters to real-time inventory monitoring, breaking information and a customized newsfeed – it is all right here, only a click on away! Login Now!
Obtain The Mint Information App to get Day by day Market Updates.
Extra
Much less
Revealed: 11 Jan 2024, 08:31 PM IST
Supply: Live Mint