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RBI penalizes Citibank, BoB, and IOB for non-compliance with norms
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RBI penalizes Citibank, BoB, and IOB for non-compliance with norms

India Blooms News Service | @indiablooms | 24 Nov 2023, 11:27 pm

Mumbai: The Reserve Bank of India (RBI) on Friday slapped monetary fines on Citibank, Bank of Baroda, and Indian Overseas Bank for violations of regulations.

The central bank, in separate press releases, said it was imposing penalties of Rs 5 crore on Citibank, Rs 4.34 crore on Bank of Baroda, and Rs 1 crore on Indian Overseas Bank.

Citibank incurred the penalty due to the breach of Section 26A of the Banking Regulation Act, 1949 (BR Act), and failure to comply with RBI Directions regarding the 'Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks.'

Bank of Baroda (BoB) attracted the penalty for failing to adhere to specific directions issued by the RBI concerning the 'Creation of a Central Repository of Large Common Exposures - Across Banks.'

On the other hand, Indian Overseas Bank (IOB) faced penalties for non-compliance with certain directions issued by the RBI regarding 'Loans and Advances – Statutory and Other Restrictions.'

The central bank issued notices to these banks, directing them to furnish explanations as to why penalties should not be imposed for their failure to comply with the RBI's directives, according to the notice.

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