Citibank: Bank of Baroda, Citibank, Indian Overseas Bank fined over norm violation

MUMBAI: The RBI has fined Bank of Baroda, Citibank, and Indian Overseas Bank for non-compliance with its regulations.
Bank of Baroda has been fined Rs 4.3 crore for not following specific guidelines related to creating a central database of large common financial exposures across banks.
Citibank has been penalised Rs 5 crore for not following the guidelines on depositor education, operational practices, and outsourcing financial services.Indian Overseas Bank has been fined Rs 1 crore for not following rules pertaining to loans and advances. tnn