JOHANNESBURG, Feb. 12 (Xinhua) -- India's state-owned Bank of Baroda will be closing down operations in South Africa, the South African Reserve Bank (SARB) confirmed on Monday.

"The Registrar, which is part of the South African Reserve Bank, is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged," SARB said in statement on Monday.

"At this stage, the SARB has no further comments on the matter," the central bank added.

The SARB slapped the bank with a fine of 11 million rand in June last year, citing its alleged involvement in the so-called "state capture" corruption activities.