RBI fines Bank of Baroda, GIC Housing ₹66.7 lakh for KYC lapses

The RBI has imposed a ₹63.6 lakh penalty on Bank of Baroda for charging higher interest than the agreed rate on certain loan accounts. Separately, it fined GIC Housing Finance ₹3.1 lakh for non-compliance with KYC guidelines. The housing finance company failed to conduct periodic reviews of customer risk categorisation as required.