Photo: Reuters
Photo: Reuters

RBI imposes 30 million fine on Citigroup’s India unit

The penalty was based on shortcomings in regulatory compliance and does not question the validity of any transaction the bank entered with its customers

The Reserve Bank of India (RBI) said on Friday it has imposed a penalty of 30 million ($425,664.75) on Citigroup Inc’s India unit for failing to comply with the central bank’s instructions on vetting directors of banks.

The penalty was based on shortcomings in regulatory compliance and does not question the validity of any transaction the bank entered with its customers, RBI said. (https://bit.ly/2Mbq3Ch)

Citibank NA India did not immediately respond to a request for comment.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed)

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