RBI Penalties — KYC & Fair Practices Code

RBI imposed a combined penalty of ₹66.7 lakh on Bank of Baroda and GIC Housing Finance for regulatory non-compliance.

Bank of Baroda

Penalty → ₹63.6 lakh

Issues included:

• Higher interest rates than contracted
• Delayed uploading of KYC records
• Fair Practices Code violations

GIC Housing Finance

Penalty → ₹3.1 lakh

Issue:

• KYC compliance deficiencies

CKYCR

Central KYC Records Registry

Managed by:
CERSAI — Central Registry of Securitisation Asset Reconstruction and Security Interest of India

UPSC Relevance

GS-III — Banking + Financial regulation

Prelims

Remember:

CKYCR → Centralised KYC database

CERSAI → manages CKYCR