- The Reserve Bank of India (RBI) has imposed a fine of Rs 39 lakh on Citibank.
- This fine has been imposed due to non-compliance of the guidelines related to large exposure framework by the bank and not providing timely information to credit information companies (CICs).
- The inspection conducted on the basis of the financial position as on March 31, 2023 found that Citibank violated large exposure limits in some cases and reported it late. Also, even after correcting some data, the bank did not update it to the credit information companies within seven days.
- RBI had issued a notice to Citibank asking why it should not be fined for this mistake.
- After the bank's reply and hearing, RBI decided that the rules had been violated, so this fine was imposed.
Tags:
Economics
