Citibank India was the division of Citigroup that operated in India. In March 2023, the division was sold to Axis Bank.

Citibank India
Company typeSubsidiary of Citigroup
Financial services
Founded1902; 122 years ago (1902)
Defunct2023; 1 year ago (2023)
FateAcquired by Axis Bank

History edit

Citibank began operations in 1902 in Calcutta (Kolkata).[1][2]

In the late 1980s and 1990s, the division was one of the first banks to offer credit cards in India.[3]

In 1992, Citibank India was alleged to have played the leading role in allowing or facilitating the market manipulation that drove up prices of shares on the Bombay Stock Exchange during the 1992 Indian stock market scam.[4][5] After an investigation by the Federal Reserve, four officials at the bank resigned.[6] In September 1994, India fined the bank $16.29 million, the most of any bank of the 20 banks implicated in the scandal, which were fined a total of $47 million.[7][8]

In 2010, Pramit Jhaveri, became chief executive officer.[9]

In 2011, the company was fined Rs 25 lakh for violations of know your customer and anti–money laundering rules after a fraud of Rs 400-crore was perpetrated via one of the company's branches.[10] In 2019, Citibank paid Rs 4.5 crore to settle allegations by the Securities and Exchange Board of India of failure to adequately supervise an employee after the employee used the bank's infrastructure to forge bank statements of clients.[11]

Ashu Khullar was named chief executive officer in 2019.[12][9]

In March 2023, the division was acquired by Axis Bank.[13][14]

References edit

  1. ^ "Citibank removes signboard from Kolkata office as part of rebranding exercise with Axis bank". Business Today. 25 February 2023.
  2. ^ "Citibank Removes Signboard From Iconic Kolkata Office From Where It Began India Operations". NDTV. 27 February 2023.
  3. ^ BALACHANDRAN, MANU; PANCHAL, SALIL (16 April 2021). "Citibank: Why one of the world's largest and most iconic banks is wrapping up its retail business in India". Forbes.
  4. ^ "CITIBANK DISPUTES ALLEGATIONS OF LINK TO INDIAN SCANDAL". The Journal of Commerce. Reuters. 17 November 1992.
  5. ^ "Citibank Denies India Fraud". The New York Times. Reuters. 18 November 1992.
  6. ^ "Fall From Grace At Citibank India". Bloomberg News. 31 January 1993.
  7. ^ "India Fines Citibank Most". The New York Times. Associated Press. 3 September 1994.
  8. ^ Hazarika, Sanjoy (1 August 1994). "India Imposes Fines on 10 Big Foreign Banks". The New York Times.
  9. ^ a b Saha, Manojit (8 March 2019). "Ashu Khullar named Citi India CEO". The Hindu. ISSN 0971-751X.
  10. ^ "Citibank fined Rs 25 lakh for fraud at Gurgaon branch". Business Line. 4 July 2011.
  11. ^ "Citibank settles case with Sebi for violation of portfolio managers' norms, pays Rs 4.5 cr". Firstpost. Press Trust of India. 2 April 2019.
  12. ^ Gopakumar, Gopika (8 March 2019). "Ashu Khullar appointed Citi India CEO in place of Pramit Jhaveri". Mint.
  13. ^ Madhukalya, Anwesha (1 March 2023). "'Citi India customers now served by Axis Bank': Important points Citi customers need to know". Business Today.
  14. ^ Kayastha, Anshika (10 July 2023). "Axis Bank witnesses rise in attrition rate despite acquisition of Citibank India's consumer business". Business Line.