RBI waives ₹5 crore penalty imposed on Bank of Baroda over shortfall in soiled note remittances

State-owned lender Bank of Baroda (BOB) Thursday said the Reserve Bank of India (RBI) has decided to waive the ₹5 crore penalty that was previously imposed on it due to a shortfall in soiled note remittances.

" In continuation to our letter no BCC:ISD:115:16:327 dated 22.12.2023, we advise that Reserve Bank of India (RBI) vide its letter dated 10th January 2024 has waived the penalty of Rs.5 crore imposed on our Bank," the lender said in a regulatory filing on January 11

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Earlier, on December 22, 2023, BOB had revealed that the Reserve Bank had fined the lender ₹5 crore. The penalty was attributed to a shortfall in soiled note remittances, indicating issues with the handling of notes that had undergone normal wear and tear.

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