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RBI fines Citibank, Bank of Baroda, and IOB Rs 10.34 crore

Indian Overseas Bank, Bank of Baroda, and Citibank were fined a combined Rs 10.34 crore by the Reserve Bank on Friday for breaking several regulatory rules.theindiaprint.com rbi fines citibank bank of baroda and iob rs 10 34 crore download 2023 11 24t20220

According to a statement from the RBI, Citibank NA has been hit with the maximum fine of Rs 5 crore for breaking the rules on the depositor education and awareness fund program and the code of conduct for the outsourcing of financial services.

According to a separate announcement, the state-owned Bank of Baroda was fined Rs 4.34 core for breaking rules on the establishment of a central repository for substantial common exposures, among other infractions.

Indian Overseas Bank, a public sector lender having operations in Chennai, was fined Rs 1 crore for breaking rules pertaining to advances and loans.

The Reserve Bank of India said that in all three instances, the fines are designed to address inadequacies in regulatory compliance rather than to call into question the legality of any agreements or transactions the banks have with their clients.

 

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