Mumbai: Citigroup has named Ashu Khullar as the new India head after its current chief executive officer Pramit Jhaveri steps down end of this month. Khullar is currently the head of capital markets origination for the Asia-pacific region and his appointment is subject to RBI's approval. Having joined Citi in 1988, he has worked across both developed and emerging markets in Europe, Middle East Africa and India. He has been with Citi in London since 1996 after initial years with Citi in India. Earlier this month, the Reserve Bank of had imposed a penalty of ₹3 crore on Citibank for deficiencies in compliance with the central bank's instructions on fit and proper criteria for directors of lenders.
Citi India's current CEO Jhaveri will take charge as vice-chairman of banking, capital markets and advisory, Asia Pacific, from April 1. A career Citibanker, Jhaveri has been the longest-serving head of India's largest foreign bank. He took over as the CEO in April 2010 after Marc Robinson moved out of the bank. He took over around the time Citi India’s retail business saw a jump in bad assets. Since he took charge bank's profit has risen to ₹3403 crore in March 2018 from ₹860 crore in March 2010. The bank's net non-performing assets (NPAs) remained unchanged at 0.5 per cent of the net advances as on March 31, 2018, while the capital to risk weighted assets (CRAR) was a tad lower at 17 per cent against 17.6 per cent in 2016-17.The bank has 35 branches in India and a network of 541 ATMs.