New Delhi, May 30 -- The Reserve Bank of India (RBI) has imposed a fine of Rs 4 crore on Citibank for non-compliance of regulations.
In a statement issued on Friday, the RBI said the penalty has been imposed on Citibank N.A. for violation of banking regulations related to customer credentials.
According to the central bank, Citibank had not complied with the directions issued by the RBI on obtaining declaration from customers about credit facilities enjoyed with other banks, granting non-fund based facilities to non-constituent borrowers, verifying data available in CRILC database and obtaining no-objection certificate (NOC) from lending banks at the time of opening current accounts, and submission of compliance to risk assessment finding...