RBI imposed penalties totalling Rs 10.34 cr on Citibank, BoB, and IOB
Current Hunt Team
RBI imposed penalties totalling Rs 10.34 cr on Citibank, BoB, and IOB.
The Reserve Bank imposed penalties on Citibank, Bank of Baroda, and Indian Overseas Bank for violating various regulatory norms.
For non-compliance of norms related to depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services, a fine of Rs 5 crore has been imposed on Citibank.
Rs 4.34 core fine has been imposed on the Bank of Baroda for violating directions related to the creation of a central repository of large common exposures, and others.
Rs 1 crore fine has been slapped on Indian Overseas Bank for contravention of directions concerning loans and advances.
RBI said that all these penalties are based on deficiencies in regulatory compliance.
