RBI fines Citibank Rs 4 cr for flouting rules, co-op banks penalised too

The Reserve Bank of India (RBI) on Friday said it has fined Citibank Rs 4 crore, and a couple of lakhs to some cooperative banks for non-compliance of rules related to obtaining certificates from borrowers on credit facilities with other banks before lending, and other rules.

The central bank on Thursday had said it has fined Bank of India (Rs 5 crore), Karnataka Bank (Rs 1.2 cr) and Saraswat Co-operative Bank (Rs 30 lakh) for non-compliance of various rules.
ALSO READ: Bank credit shrinks 1.2% in April, gross bank credit falls to Rs 91.53 trn

The RBI fined Nagar Urban Co-operative Bank Rs 40 lakh, TJSB Sahakari Bank Rs 45 lakh, Bharat Co-operative Bank (Mumbai) Rs 60 lakh, for flouting asset classification and fraud norms.

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