RBI slaps fines of Rs 10.34 crore on Citibank, Bank of Baroda, Indian Overseas Bank for breach of banking norms
A fine of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to the depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services and KYC norms, the RBI said.
![RBI slaps fines of Rs 10.34 crore on Citibank, Bank of Baroda, Indian Overseas Bank for breach of banking norms](https://cdn.zeebiz.com/sites/default/files/2023/11/25/270317-rbi-3-reuters.jpg?im=FitAndFill=(1200,900))
Reserve Bank of India also clarified that the penalties on the three banks are based on deficiencies in regulatory compliance. Pic: Reuters