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regular-article-logo Monday, 04 March 2024

Reserve Bank of India slaps penalties totalling Rs 10.34 crore on Citibank, Bank of Baroda, Indian Overseas Bank

The highest penalty of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to depositor education and awareness fund scheme

PTI Mumbai Published 24.11.23, 06:42 PM
Reserve Bank of India.

Reserve Bank of India. File picture

The Reserve Bank on Friday imposed penalties totalling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of various regulatory norms.

The highest penalty of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services, the RBI said in a statement.

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A fine of Rs 4.34 core was imposed on the state-owned Bank of Baroda for violation of certain directions related to the creation of a central repository of large common exposures, and others, another release said.

Chennai-based public sector lender Indian Overseas Bank was slapped with a Rs 1 crore fine for contravention of directions concerning loans and advances.

In all three cases, the Reserve Bank of India said, penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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