Gurgaon fraud : RBI raps Citi, slaps Rs.25 lakh fine

Six months after a Rs 400-crore fraud was detected in its Gurgaon branch, the Reserve Bank of India (RBI) on Monday rapped Citibank for the episode. RBI slapped a fine of Rs 25 lakh on the bank for breaching various guidelines and instructions related to know-your-customer (KYC) and anti-money laundering guidelines. Though the amount is insignificant for the bank, the move is important since it shows regulatory disapproval of the bank’s risk management and internal control systems

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s