The RBI carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain AML provisions such as monitoring of transactions, timely reporting to FIU, and assigning of UCIC to customers.
Bank of Baroda has informed BSE that pursuant power conferred under Banking Regulation Act, 1949, the Reserve Bank of India has imposed a penalty of Rs.50 million on Bank of Baroda.
Pursuant to the internal audit of the Bank of Baroda, the Reserve Bank of India and investigative agencies in October 2015 were advised by the Bank of certain irregularities observed.
The RBI carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain AML provisions such as monitoring of transactions, timely reporting to FIU, and assigning of UCIC to customers. The Bank fully cooperated with the RBI during the process, leading to the conclusion of its findings.
The Bank has implemented a comprehensive corrective action plan, to strengthen internal controls and to ensure that such incidents do not recur.
Stock view:
Bank of Baroda is currently trading at Rs. 153.15, up by Rs. 2.25 or 1.49% from its previous closing of Rs. 150.9 on the BSE.
Pursuant to the internal audit of the Bank of Baroda, the Reserve Bank of India and investigative agencies in October 2015 were advised by the Bank of certain irregularities observed.
The RBI carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain AML provisions such as monitoring of transactions, timely reporting to FIU, and assigning of UCIC to customers. The Bank fully cooperated with the RBI during the process, leading to the conclusion of its findings.
The Bank has implemented a comprehensive corrective action plan, to strengthen internal controls and to ensure that such incidents do not recur.
Stock view:
Bank of Baroda is currently trading at Rs. 153.15, up by Rs. 2.25 or 1.49% from its previous closing of Rs. 150.9 on the BSE.
The scrip opened at Rs. 151 and has touched a high and low of Rs. 153.75 and Rs. 149.05 respectively. So far 2623636(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 34769.77 crore.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 216.25 on 18-Aug-2015 and a 52 week low of Rs. 109.45 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 166.5 and Rs. 149.5 respectively.
The promoters holding in the company stood at 59.24 % while Institutions and Non-Institutions held 33.65 % and 7.11 % respectively.
The stock is currently trading above its 200 DMA.
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