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| Reserve Bank India slaps Rs 3 crore penalty on Citibank |
Reserve Bank India slaps Rs 3 crore penalty on Citibank
The Reserve Bank of India (RBI) has slaps a penalty of Rs 3 crore on Citibank India for not complying with directions regarding the 'fit-and-proper criteria' for directors of the bank.
Citibank has been accused of deficiencies in regulatory compliance and of directions regarding the ‘fit-and-proper criteria’ for directors of the bank.
The Reserve Bank of India (RBI) has, by an order dated January 4, 2019, imposed a monetary penalty of Rs 30 million on Citibank India for deficiencies in compliance with the RBI instructions on 'Fit and Proper' criteria for directors of banks.
The US-based Citibank has been operating in India for over 115 years.
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