RBI imposes penalty on Citibank, IDBI Bank
MUMBAI: RBI on Friday said it had imposed a penalty of Rs 36.3 lakh on Citibank for contravention of directions related to reporting of transactions under Liberalised Remittance Scheme. It also said penalty of Rs 36.3 lakh had been imposed on IDBI Bank for not undertaking due diligence while processing inward remittances from a foreign currency account opened by a constituent.
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