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

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