The Reserve Bank of India (RBI) has penalised the Bank of Baroda (BoB) Rs 5 crore ($754,000) for irregularities in anti-money laundering (AML) provisions that came to light in October 2015 during its audit, the public sector lender said on Monday.

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