{"id":14505,"date":"2023-11-24T16:27:12","date_gmt":"2023-11-24T16:27:12","guid":{"rendered":"https:\/\/thenftimes.com\/index.php\/2023\/11\/24\/rbi-slaps-fines-of-rs-10-34-crore-on-citibank-bob-iob-for-breach-of-norms-n-f-times\/"},"modified":"2023-11-24T16:27:15","modified_gmt":"2023-11-24T16:27:15","slug":"rbi-slaps-fines-of-rs-10-34-crore-on-citibank-bob-iob-for-breach-of-norms-n-f-times","status":"publish","type":"post","link":"https:\/\/thenftimes.com\/index.php\/2023\/11\/24\/rbi-slaps-fines-of-rs-10-34-crore-on-citibank-bob-iob-for-breach-of-norms-n-f-times\/","title":{"rendered":"RBI slaps fines of Rs 10.34 crore on Citibank, BoB, IOB for breach of norms &#8211; N.F Times"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-505462\">&#13;<\/p>\n<div class=\"post-header post-tp-1-header\">\n<div class=\"single-featured\"><\/div>\n<\/p><\/div>\n<p>&#13;<br \/>\n\t\t\t\t\t&#13;<\/p>\n<div class=\"entry-content clearfix single-post-content\">\n<p>Mumbai: The RBI on Friday slapped penalties totalling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for the breach of banking norms.<\/p>\n<p>A fine of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to the depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services and KYC norms, the RBI said.<\/p>\n<p>A penalty of Rs 4.34 crore has been imposed on public sector Bank of Baroda for violation of certain directions related to the creation of a central repository of large common exposures, and others.<\/p>\n<p>Another Rs 1 crore penalty was levied on government-owned Indian Overseas Bank for contravention of directions concerning loans and advances.<\/p>\n<p>The Reserve Bank of India also clarified that the penalties on the three banks are based on deficiencies in regulatory compliance and do not have a bearing on the validity of any transaction or agreement entered into with their customers.<\/p>\n<p><strong>(IANS)\u00a0<\/strong><\/p>\n<\/p><\/div>\n<p>&#13;<br \/>\n&#13;\n\t\t\t\t\t\t<\/p><\/div>\n<p><script>(function(d, s, id) {\n    var js, fjs = d.getElementsByTagName(s)[0];\n    if (d.getElementById(id)) return;\n    js = d.createElement(s); js.id = id;\n    js.src = \"\n    fjs.parentNode.insertBefore(js, fjs);\n  }(document, 'script', 'facebook-jssdk'));<\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] &#13; &#13; &#13; Mumbai: The RBI on Friday slapped penalties totalling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for the breach of banking norms. A fine of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to the depositor education and awareness fund scheme, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-14505","post","type-post","status-publish","format-standard","category-nation"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/14505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=14505"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/14505\/revisions"}],"predecessor-version":[{"id":14507,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/14505\/revisions\/14507"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=14505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=14505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=14505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}