InvestorQ : Why has RBI imposed a penalty of Rs.4 crore on Citibank?
Mahima Roy made post

Why has RBI imposed a penalty of Rs.4 crore on Citibank?

Answer
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Aditi Sharma answered.
5 months ago


RBI has imposed a penalty of Rs.4 crore on Citibank for non-compliance with regulatory norms as well as not following the directions of RBI. Most of these pertained to the opening of current accounts and other provisions of the Bank Regulations Act. RBI concluded that the charges of contravention of the Act and non-compliance with RBI directions warranted imposition of monetary penalty to the tune of Rs.4 crore. In addition, the RBI has also imposed penalties on a slew of cooperative banks for non compliance.