New Delhi , A penalty of Rs 5 crore imposed on Bank of Baroda (BoB) by the Reserve Bank of India (RBI) after it found irregularities in the Rs 6,100-crore scam that was unearthed last year.

Bank of Baroda said, "The Reserve Bank of India has imposed a penalty of INR 50 million on Bank of Baroda... Pursuant to the internal audit of the Bank of Baroda, the Reserve Bank of India and investigative agencies in October 2015 were advised by the Bank of certain irregularities observed".

"The RBI carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain AML provisions such as monitoring of transactions, timely reporting to FIU, and assigning of UCIC ( Unique Customer Identification Code) to customers", it further added.

A comprehensive corrective action plan has been implemented by Bank of Baroda to strengthen internal controls and to ensure that such incidents do not recur.

The observation came as part of inspection done by the central bank after last year's Bank of Baroda case in which Rs 6,100-crore import remittances were effected by its Ashok Vihar branch here.

Both CBI and the Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.

RBI wrote a confidential letter after the BoB case to chairmen and chief executives of all commercial banks asking them to review existing policies and effect necessary improvements where warranted to avoid recurrence of such irregularities.