Bank of Baroda has faced a penalty of ₹1,73,300 due to a shortage in soiled note remittances at a currency chest. The penalty was imposed on September 25, 2025. This financial impact will affect the bank’s profit and loss statement for the current period. The bank is taking steps to ensure full compliance and prevent future occurrences.
Penalty Details
Bank of Baroda has been penalized an amount of ₹1,73,300. The penalty is attributed to a shortage in the management of soiled note remittances at one of its currency chests.
Reason for Penalty
The penalty was imposed due to a shortage in soiled note remittances. This indicates a discrepancy in the amount of soiled or damaged currency held at the currency chest compared to the records. Such discrepancies can arise from various operational issues related to cash handling and record-keeping.
Impact on Bank of Baroda
The financial penalty of ₹1,73,300 will impact the bank’s profit and loss (P&L) statement. The bank is expected to incorporate this loss in its financial reporting for the current period.
Date of Receipt
The official communication regarding the penalty was received on September 25, 2025. The bank acknowledged the receipt and is taking necessary actions to address the matter.
Source: BSE
