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Rs 3 crore fine for citibank

National News

Rs 3 crore fine for citibank

admin1 January 12, 2019

The Reserve Bank of India has imposed a penalty of Rs 3 crore for Citibank, The RBI has ordered the bank to appoint appropriate directors and ensure proper qualifications. The bank was fined for not following the orders. The RBI said there was no connection to the penalty for consumer transaction.The CBI has imposed a fine of Rs 3 crore on January 3, 2019 for Citibank. The Reserve Bank of India said in a statement, “Citibank does not follow the terms of appointment of directors on the orders of the RBI. In July 2013, the RBI issued a letter warning the Citibank of violating illegal cash and KYC violations.

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