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Bank of Baroda to Shut Down Operations in South Africa
February 14, 2018
State-owned Bank of Baroda (BoB) has decided to shut down its South African branches, which comes in at an interesting time as the central bank of the country had imposed a fine of a whopping 11 million Rand (Rs. 5.45 crores) on the same regarding some non-compliance issues.
In June last year, the South African Reserve Bank (SARB) had sought details regarding the transactions of the Gupta family with the banks, some of which were deemed “unethical” or “illegal”.