Mumbai, Mar 21 (PTI) The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 36.28 lakh on Citibank N.A. for contravention of the directions related to reporting of transactions undertaken under the Liberalised Remittance Scheme.

In another release, it said penalty of Rs 36.30 lakh has been imposed on IDBI Bank Ltd for not undertaking due-diligence while processing the inward remittances from a foreign currency account opened by a constituent.

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In both cases, the RBI said the penalties are based on the deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

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