Back to Career News

Bank of Baroda to Shut Down Operations in South Africa

February 14, 2018

Bank of Baroda to Shut Down Operations in South Africa

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”.

Important Links:
Tags:
Finance

Recommended for you ...

Indian Tech Startups Raise $1.6 Billion in Q1 2024, Retail and Fintech Lead Growth
Indian Tech Startups Raise $1.6 Billion in Q1 2024, Retail and Fintech Lead Growth

March 28, 2024

Fintech Experts Advocate for Cohesive Regulatory Framework Amid Rapid Digitalisation of Finance
Fintech Experts Advocate for Cohesive Regulatory Framework Amid Rapid Digitalisation of Finance

March 27, 2024

Indian Payment Aggregators Rush to Obtain International Payment Licences
Indian Payment Aggregators Rush to Obtain International Payment Licences

March 27, 2024

Chat on WhatsApp