The Reserve Bank of India (RBI) has imposed penalties on Bank of Baroda (BoB), Citibank NA, and Indian Overseas Bank for non-compliance with certain directives. Citibank faces a maximum penalty of Rs5 crore for issues including failure to credit the eligible amount to the Depositor Education and Awareness (DEA) fund within the prescribed period and outsourcing the decision-making function of anti-money laundering (AML) alerts. BoB is fined Rs4.34 crore for inaccuracies in data on large exposures submitted to RBI and for sanctioning loans without due diligence on project viability. Indian Overseas Bank received a Rs1 crore penalty for similar lapses in due diligence on term loans. The penalties are related to regulatory compliance deficiencies, not the validity of specific transactions or agreements.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}