January 11, 2019 / 2:35 PM / 5 months ago

India central bank penalizes Citi unit

FILE PHOTO: A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi, India, November 9, 2018. REUTERS/Altaf Hussain/File Photo

(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 (C.N) 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.

Reporting by Chris Thomas in Bengaluru; Editing by Shounak Dasgupta

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