The central bank of the United Arab Emirates has fined the Bank of Baroda, GCC Operations, Dubai 6,833,333 Emirati Dinars (Rs 13.56 crore).
The public sector Bank of Baroda on Monday said that the central bank of the United Arab Emirates has imposed a fine of more than Rs 13 crore for violating the anti-money laundering law.
The bank said in a release that the UAE central bank has imposed a fine of 6,833,333 Emirati Dinars (Rs 13.56 crore) on Bank of Baroda, GCC Operations, Dubai. The bank said that it is taking appropriate steps to comply with the relevant law and is establishing contact with the central bank. Apart from this, measures are also being taken to improve compliance.
What will be the effect on the bank’s customers too?
In the coming days, the banks keep ignoring the guidelines and cases of disturbances keep coming up. Reports of actions on banks have been attracting the attention of consumers. In such a situation, consumers often have the same fear about how safe their money is. There is no threat to their money deposited in banks with this action! So let us know that there will be no such effect. People who have accounts in this bank are completely safe. This merger will not have any effect on bank deposits. Also Read: PNB Customer Attention! 3 rules related to your account are going to change, you will not be able to withdraw money if you do not know
Explain that the Bank of Baroda has recently completed the integration and merger of 3,898 branches of Vijaya Bank and Dena Bank. In fact, Vijaya Bank and Dena Bank merged into Bank of Baroda on April 1, 2019. Bank of Baroda completed the consolidation of 1,770 branches of Dena Bank in December 2020 while 2,128 branches of the erstwhile Vijaya Bank were integrated into Bank of Baroda (BoB) in September 2020.
