Branch2 Intelligence
RBI Imposes Rs 66.7 Lakh Penalty On Bank Of Baroda, GIC Housing Finance
Key takeaway
RBI fined Bank of Baroda and GIC Housing Finance ₹66.7 lakh for charging interest above contracted rates.
- Step 11st-order: RBI imposes ₹66.7 lakh penalty on Bank of Baroda and GIC Housing Finance for overcharging interest.
- Step 22nd-order: Banks review loan pricing systems, increase compliance spending, and may tighten credit standards to avoid future penalties.
- Step 33rd-order: SME borrowers face reduced credit availability and potentially higher interest rates as lenders pass on compliance costs.
Source: IN:NDTV Profit
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