The Reserve Bank of India, Three Banks Penalty imposed

The RBI said that the fines were imposed to "deter recurrence of such non-compliance in future and to uphold the standards of conduct expected from banks."

RBI penalty

Which bank imposed penalty on RBI

The Reserve Bank of India (RBI) has fined Citibank ₹5 crore, Bank of Baroda ₹4.34 crore, and Indian Overseas Bank ₹1 crore for breach of code of conduct. The fines were imposed on November 24, 2023.

Citibank was fined for non-compliance with norms related to the depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services. Bank of Baroda was fined for violation of certain directions related to the creation of a central repository of large common exposures. Indian Overseas Bank was fined for contravention of directions concerning loans and advances.

The fines come at a time when the RBI is taking a stricter stance on regulatory compliance. In recent months, the RBI has imposed penalties on a number of banks for various violations.

These fines are a reminder that banks must adhere to all applicable regulations and codes of conduct. Failure to do so can result in significant penalties.

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