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    RBI imposed Rs 2.50 cr fine on Bank of Baroda for violating directions on Bihar NGO

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    Bank of Baroda on Tuesday said the RBI has imposed Rs 2.50 crore fine for non-acceptance of directions issued to it with regard to Bihar-based NGO Srijan Mahila Vikas Sahyog Samiti Ltd.

    “The Reserve Bank of India in exercise of powers that consults under the Banking Regulation Act, 1949, has imposed a penalty aggregating to Rs 2.50 crore on the bank for non-acceptance with the directions issued by the RBI in various accounts of Srijan Mahila Vikas Sahyog Samiti Ltd at Bhagalpur Branch,” Bank of Baroda said.

    The Central Bureau of Investigation (CBI) is inquiring the matter in the Rs 1,000 crore scam allegedly involving Bihar based NGO Srijan Mahila Vikas Sahyog Samiti and government officers.

    Unidentified officers of Bank of Baroda, Indian Bank and the ‘Samiti’ have been named as accused in the FIRs registered for alleged criminal conspiracy, cheating, forgery among others. FIRs have also been registered in Patna and Delhi.

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