Markets · 1 sources covering this

Bank of Baroda to pay $600 million to settle NMC Health insolvency claims

Bank of Baroda has agreed to a $600 million settlement with administrators of the insolvent NMC Health Plc. The bank faced allegations of gross negligence, failing to conduct proper due diligence, and allowing fraudulent transactions without adhering to anti-money laundering and KYC norms. This payout, significantly exceeding its reported exposure, aims to resolve claims from NMC Health and its affiliates, stemming from a fraud discovered between 2012-2020.

Share:WhatsApp X Reddit Facebook LinkedIn

Coverage spectrum

0 L · 0 C · 1 R

How 1 sources are covering this

Economic TimesLean R·7h ago
Bank of Baroda to pay $600 million to settle NMC Health insolvency claims
Bank of Baroda has agreed to a $600 million settlement with administrators of the insolvent NMC Health Plc. The bank faced allegations of gross negligence, failing to conduct proper due diligence, and allowing fraudulent transactions without adhering to anti-money laundering and KYC norms. This payout, significantly exceeding its reported exposure, aims to resolve claims from NMC Health and its affiliates, stemming from a fraud discovered between 2012-2020.
Read at Economic Times →

Embed this bias spectrum on your site

Paste this iframe wherever you'd like the widget to appear. Resizes responsively; no JS required.

<iframe
  src="https://hindustansphere.com/embed/cluster/7899fb58894988d58c093bd278fd5dcaf5a1b19c"
  width="100%" height="320"
  style="border:0;max-width:680px"
  loading="lazy"
  title="Bank of Baroda to pay $600 million to settle NMC Health insolvency claims"></iframe>

Bank of Baroda to pay $600 million to settle NMC Health insolvency claims

How 1 sources are covering this

Bank of Baroda to pay $600 million to settle NMC Health insolvency claims

More from Markets

IIFL Finance raises $300 million via dollar bonds

Carlsberg files IPO papers to raise $700 million

Bihar gears up to enter the municipal bond market

Stock recommendations for 3 July from MarketSmith India

Reader

Trust & legal

Across the network