iifl-logo-icon 1

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

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.

For feedback and suggestions, write to us at editorial@iifl.com


Related Tags

  • Bank of Baroda
  • Citibank
  • IOB
  • RBI
  • RBI Fines
  • RBI news
  • RBI penalty
sidebar mobile


Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.


Get better recommendations & make better investments

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp