The Reserve Bank of India on 24 November slapped penalties totaling Rs. 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of norms. 

• The apex bank regulatory body made it clear that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. 
• According to three different notifications, released by the RBI, the apex bank imposed a fine of Rs. one crore on Indian Overseas Bank for non-compliance with certain directions issued by it on ‘loans and advances – statutory and other restrictions’.
• While, Rs. 5 crore penalty has been imposed on Citibank for non-compliance with certain directions including 'operational guidelines, managing risks and code of conduct in outsourcing of financial services by banks’ and 'the depositor education and awareness fund scheme, 2014'.
• A monetary penalty of Rs. 4.34 crore has been imposed by the RBI on the Bank of Baroda for non-compliance related to ‘loans and advances – statutory and other restrictions’, and ‘Reserve Bank of India (interest rate on deposits) directions, 2016’