RBI imposes monetary penalty on Citibank and IDBI Bank
RBI declared the fines are based on regulatory compliance shortcomings and not meant to comment on the legitimacy of any transaction or arrangement the banks signed into with their clients.
The Reserve Bank of India has imposed a monetary penalty on Citibank N.A. of Rs 36.30 lakh for violating the guidelines on the reporting of transactions made under the Liberalised Remittance Scheme.
Another release stated that IDBI Bank Ltd. has been fined Rs 36.30 lakh for not doing due diligence while handling internal remittances from an overseas foreign exchange account maintained by a constituent.
In both cases, the RBI declared the fines are based on regulatory compliance shortcomings and not meant to comment on the legitimacy of any transaction or arrangement the banks signed into with their clients.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
