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The Reserve Bank of India on Friday said it has imposed a penalty of Rs 63.6 lakh on Bank of Baroda for non-compliance with certain provisions of the 'Fair Practices Code for Lenders' and 'Know Your Customer (KYC)' norms. A penalty of Rs 3.1 lakh has also been imposed on GIC Housing Finance Ltd for non-compliance with certain provisions of the KYC guidelines. In a statement, the RBI said it had conducted a statutory inspection for supervisory evaluation of the Bank of Baroda with reference to the financial position as on March 31, 2025, and a notice was issued to the lender. After considering the bank's reply to the notice, the RBI found that the public sector lender had collected interest higher than the contracted rate of interest in certain loan accounts. It also did not upload KYC records of certain customers to the Central KYC Records Registry (CKYCR) within the prescribed timeline, the RBI said. In another statement, the RBI said a statutory inspection of GIC Housing Finance
State-owned Bank of Baroda (BoB) on Thursday said it reached an out-of-court settlement with NMC Health PLC, NMC Healthcare Ltd, and NMC Holding Ltd, with USD 600 million (about Rs 5,700 crore) paid through its Abu Dhabi Branch. The case involved proceedings under Abu Dhabi Global Market (ADGM) and UK insolvency regulations, and the UAE civil law in relation to NMC Health PLC, NMC Holding Ltd and NMC Healthcare Ltd, BoB said in a regulatory filing. "NMC Health PLC, NMC Healthcare Ltd, NMC Holding Ltd, and their respective Joint Administrators, have resolved the claims between them and the Bank of Baroda in consideration for, inter alia, payment by Bank of Baroda of USD 600 million, pursuant to a settlement agreement," it said. All claims, causes of action, etc. between them have been resolved without admission of liability or wrongdoing, it said. The settlement agreement and its terms otherwise remain confidential, it said, adding that the liability of the bank in these proceedings
Public sector lenders Canara Bank, Bank of Baroda (BoB) and Indian Bank together paid a dividend of Rs 7,023 crore to the government for the financial year 2025-26 on Monday. Newly appointed Canara Bank MD and CEO Brajesh Kumar Singh presented a dividend cheque of Rs 2,397 crore to Finance Minister Nirmala Sitharaman in the presence of Financial Services Secretary Sanjay Lohiya. For the financial year 2025-26, Canara Bank declared a dividend of 4.2 per share, representing 210 per cent of the face value of Rs 2 each, the lender said in a statement. The dividend payout is a testament to Canara Bank's strong financial performance and its ongoing commitment to creating long-term value for all stakeholders, including its majority stakeholder, the Government of India, it said. In its statement, BoB said the bank's MD and CEO, Debadatta Chand, presented a dividend cheque of Rs 2,811 crore to the Finance Minister. For 2025-26, the bank declared a dividend of Rs 8.50 per equity share, ...
State-owned Bank of Baroda is aiming to grow its Rs 4.56 lakh crore corporate book by 10 per cent in FY27, and has pegged the current pipeline of such big-ticket lending at Rs 50,000 crore. Amid worries on sluggish private capex growth, its managing director and chief executive Debadatta Chand said nearly two-thirds of the proposals continue to be for term loans and the rest is for working capital, suggesting a good demand for investment purposes. On the telecom sector loans, where there is intense speculation on Vodafone Idea's next moves as part of the revival process, Chand said right policy measures and coming together of banks and other stakeholders can result in new loans. "Our overall pipeline is Rs 50,000 crore at present. Half of it is sanctioned and yet to be disbursed while the remaining is loan proposals under discussions," Chand told PTI. He said there is a strong demand from the renewable power and also core sectors like steel and cement for capacity building. In ord