RBI penalises ₹10.34 crore on Citibank, Bank of Baroda, Indian Overseas Bank for non-compliance

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

The highest penalty of ₹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.

A fine of ₹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 ₹1 crore fine for contravention of directions concerning loans and advances.