RBI slaps ₹3-cr penalty on Citibank

The Reserve Bank of India (RBI), on Friday, said it has imposed a ₹3-crore monetary penalty on Citibank NA India (the bank) for deficiencies in compliance with its instructions on ‘Fit and Proper’ criteria for directors of banks. This penalty, which was imposed by an order dated January 4, has been imposed in exercise of powers vested in the RBI under the relevant provisions of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the ‘Fit and Proper’ directions issued by RBI, the central bank said in a statement.