Bank of Baroda has agreed to pay $600 million, approximately ₹5,700 crore, to settle a legal case related to the collapse of healthcare group NMC Health, according to the bank's exchange filing on Thursday. The Abu Dhabi Global Market (ADGM) trial began on March 23, 2026, and the settlement was reached without any admission of liability by the bank, as reported by livemint.com.
The settlement follows allegations by NMC founder B.R. Shetty, who accused senior Bank of Baroda officials of colluding with former NMC executives in a fraud that led to the healthcare group's downfall. The bank's filing stated that the resolution was achieved after the trial proceedings commenced in March, marking an end to the legal dispute between the parties involved, according to livemint.com.
This settlement is significant in the context of India's banking and healthcare sectors, where large fraud cases have raised concerns about governance and risk management. The $600 million payout ranks among the largest settlements involving an Indian public sector bank in recent years. It also highlights ongoing regulatory and legal scrutiny faced by banks linked to corporate frauds, similar to other high-profile cases in the country, as detailed by livemint.com.
Bank of Baroda's exchange filing on July 3, 2026, confirmed the payment agreement, closing a chapter on the ADGM trial that started in March. The bank emphasized that the settlement does not imply any admission of wrongdoing, underscoring the complex nature of the case and its resolution, per livemint.com.