RBI slaps ₹3 cr. penalty on Citibank India

The Reserve Bank of India (RBI) has slapped a penalty of ₹3 crore on foreign lender Citibank India for not complying with ‘fit and proper’ criteria for directors.

“The RBI has, by an order dated January 4, 2019, imposed a monetary penalty of ₹30 million on Citibank NA India [the bank] for deficiencies in compliance with the RBI instructions on ‘fit and proper’ criteria for directors of banks,” RBI said in a statement. It said the action is based on deficiencies in regulatory compliance and “is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.”

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