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

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.