RBI fines IDBI Bank and Citibank Rs 36 lakh each

The Reserve Bank of India (RBI) has fined IDBI Bank and Citibank each Rs 36 lakh. This decision was made due to issues with regulatory compliance. The RBI fined IDBI Bank for not properly checking details while handling foreign currency account transactions. The central bank stated that the penalty was related to the bank's internal processes, not the validity of any transactions with customers. Similarly, Citibank received a fine for failing to follow rules about reporting transactions under the Liberalised Remittance Scheme. Both penalties aim to address compliance failures, as explained by the RBI.