RBI levy penalties aggregating to Rs 10.34 crore on Citibank, Bank of Baroda, and IOB

28 Nov 2023 , 12:48 PM

The Reserve Bank of India (RBI) fined Citibank, Bank of Baroda, and Indian Overseas Bank a total of Rs 10.34 crore on Friday for non-compliance with several regulatory rules.

The RBI levied the maximum penalty of Rs 5 crore on Citibank NA for non-compliance with the depositor education and awareness fund program and code of conduct on outsourcing of financial services, according to a statement.

According to another announcement, the state-owned Bank of Baroda was fined Rs 4.34 crore for violating various orders pertaining to the formation of a central repository of major common exposures, among other things.

The RBI fined Chennai-based public sector lender Indian Overseas Bank Rs 1 crore for failing to follow lending and advance instructions.

The Reserve Bank of India stated that in all three cases, the fines are based on inadequacies in regulatory compliance and are not meant to pronounce on the legitimacy of any transaction or arrangement entered into by the banks with their clients.

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