RBI imposes penalty on Citibank, IDBI Bank

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The Reserve Bank of India (RBI) has fined Citibank N.A. Rs 36.28 lakh for not complying with the Liberalised Remittance Scheme. Additionally, IDBI Bank Ltd faces a penalty of Rs 36.30 lakh. These penalties highlight deficiencies in regulatory compliance, not the validity of customer transactions.

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RBI imposes penalty on Citibank, IDBI Bank

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