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Citibank India has been imposed with a penalty of Rs 3 crores by the Reserve Bank of India (RBI) due to the failure in compliance by the bank in following the directions regarding the fit-and-proper criteria for directors of the bank.
The RBI in a statement said, “this action is based on deficiencies in regulatory compliance and isn’t intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.”
The Reserve Bank, in July 2013, had issued a cautionary letter to Citibank for violations of instructions regarding know-your-customer norms or anti-money laundering.
According to the latest RBI data, the US-based Citibank which has 35 branches and a network of 541 ATMs in India, has been operating for over 115 years in India.
