RBI Fines Citibank, BoB, and IOB for Non-compliance with Norms: How Regulations Help
The Reserve Bank of India (RBI) recently imposed fines on Citibank, Bank of Baroda (BoB), and Indian Overseas Bank (IOB), totaling ₹10.34 crore, highlighting the importance of regulatory compliance in the banking sector. These penalties, addressing non-compliance with operational guidelines, risk management, and code of conduct, underscore the RBI's commitment to safeguarding depositor interests.
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