RBI slapped Rs 3 crore on this bank for non-compliance in criteria for – InterviewSolution

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1.	RBI slapped Rs 3 crore on this bank for non-compliance in criteria for directors of the bank.
Answer» The Reserve Bank of India (RBI), under the relevant provisions of the Banking Regulation Act, 1949, imposed a penalty of Rs 3 crore on Citibank India for non-compliance in criteria for directors of the bank. Citibank has been accused of deficiencies in regulatory compliance and of directions regarding the 'fit-and-proper criteria' for directors of the bank. The US-based Citibank has been operating in India for over 115 years.

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