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RBI penalises Citi unit


(Reuters) - The of (RBI) said on Friday it has imposed a penalty of 30 million rupees ($425,664.75) on Inc's unit for failing to comply with the central bank's instructions on vetting directors of

The penalty was based on shortcomings in regulatory compliance and does not question the validity of any transaction the entered with its customers, RBI said. (

did not immediately respond to a request for comment.

($1 = 70.4780 Indian rupees)

(Reporting by Chris Thomas in Bengaluru; Editing by Shounak Dasgupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 20:05 IST