Case Brief
What Happened
RBI imposed a monetary penalty of ₹39.00 lakh on Citibank N.A. by order dated February 20, 2025. The penalty was for non-compliance with RBI directions on the Large Exposures Framework and furnishing of credit information to Credit Information Companies. Following a statutory inspection with reference to the bank’s financial position as on March 31, 2023, RBI issued a show-cause notice and, after considering the bank’s reply and oral submissions, sustained the charges that the bank reported certain breaches in Large Exposures limits with delay and did not upload rectified data within seven days of receipt of rejection reports from CICs. RBI stated the action was based on deficiencies in regulatory compliance and did not pronounce on the validity of any customer transaction or agreement.