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RBI slaps Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three other banks for flouting rules

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KOLKATA: The Reserve Bank of India has slapped Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three urban cooperative banks for flouting banking rules.

The regulator said the penalty on Citibank was for not adhering to the directions related to customer credentials. It said that the lender overlooked its directions on obtaining declaration from customers about credit facilities…

RBI slaps Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three other banks for flouting rules

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KOLKATA: The Reserve Bank of India has slapped Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three urban cooperative banks for flouting banking rules.

The regulator said the penalty on Citibank was for not adhering to the directions related to customer credentials. It said that the lender overlooked its directions on obtaining declaration from customers about credit facilities…

RBI issues new NPA recognition norms: The guidelines put onus on creditors to take call on resolution plan, but will it work?

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After the Supreme Court had struck down the earlier notification of the RBI relating to dealing with stressed assets, the fresh set of rules were eagerly awaited. The new stressed assets resolution framework released on Friday resembles very closely the earlier one except that it does not force companies to be led to the Insolvency and Bankruptcy Code (IBC). To this extent, it is less…