(Reuters) - The Reserve Bank of India (RBI) said on Friday it has imposed a penalty of 30 million rupees ($425,664.75) on Citigroup Inc’s India unit for failing to comply with the central bank’s instructions on vetting directors of banks.
The penalty was based on shortcomings in regulatory compliance and does not question the validity of any transaction the bank entered with its customers, RBI said. (bit.ly/2Mbq3Ch)
Citibank NA India did not immediately respond to a request for comment.
($1 = 70.4780 Indian rupees)
Reporting by Chris Thomas in Bengaluru; Editing by Shounak Dasgupta