Bank of Baroda is closing its operation in South Africa. The bank’s decision follows the imposition of a fine of 11 million rands by the South African Reserve Bank for lapses in compliance. The bank has notified the regulator about its plan to exit the country. The bank is also embroiled in a controversy over funding scam-tainted Indian origin businessmen, the Gupta brothers in the country, who reportedly took undue advantage of its connections with South Africa’s president Jacob Zuma. South African authorities have alleged that the bank transferred a large sum of money to the Zuma family, which is now under investigation.
