Business EconomyPosted at: Apr 9 2025 6:03PM

RBI imposes monetary penalty on Authorised Dealer Bank – Citibank N.A.

Mumbai, Apr 9 (UNI) The Reserve Bank of India has imposed a monetary penalty of Rs 3.20 on private lender Citibank N.A. in exercise of powers vested in the Reserve Bank for not undertaking due diligence while processing the inward remittances from a Foreign Currency Account opened by a constituent, resulting in contravention of FEMA, 1999.
The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.
This action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
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RBI imposes monetary penalty on Authorised Dealer Bank – Citibank N.A.

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