New Delhi [India], Nov 25 : The Indian banking landscape has transformed rapidly in the last few years, driven by a combination of factors consumer's digital adoption, a progressive regulatory environment and visionary Government policies.
In its 2018 vision document, the RBI has emphasized that digitization of payments and moving to a less-cash society are its key priorities.
Citibank has been at the forefront of digital transformation in the country, having pioneered and introduced several innovations in the past few years.
Digitization has been a key strategic priority for Citibank, with over 95 percent its customer transactions being completed digitally.
Leading banking giant, Citibank has said that it will offer new debit cards to all the customers who were affected in a recent security breach at retail form, Target.
Citibank India on Monday announced a new paperless mobile payment system that would allow its credit and debit card customers to do away with the charge slips.
The new system is a lightweight device that you can plug into a smartphones or a tablet. While you can swipe a credit/debit card on this device, the new solution is incorporated to the businesses' back-end system. It also allows its users to get a confirmation on his/her mobile phone following a successful transaction.
Global financial giant, Citibank has signed its biggest commercial office space deal in the country, under which it will pay Rs 950 crore to acquire about 3 lakh sq ft area spread across six floors in a building in the Bandra-Kurla Complex.
The Reserve Bank of India (RBI) has reduced its previous fine of Rs. 50 lakh to Rs. 25 lakh on Citibank after finding it guilty for violating anti money laundering (AML) and "know your customer" norms.
For long, Citibank was successfully hiding its fraud but a single blunder made by its Relationship Manager, Shivraj Puri, brought its true image in the public.
Citibank has come ahead with an announcement to compensate the investors who were duped of their money in Citibank fraud. Citi's payment will, however, be specific to the principal amount shareholders have put in.
As per the insurers, asserts of this nature are extended by a professional indemnity policy, which is dealt as an add-on cover with the bankers' bond. Reciprocally, the bank would be searching an assurance from the victims that they will transfer all their rights of recovery to the bank and forebode to help the bank.
The Citibank fraud at the end of 2010 shook the nation as the reputed bank lost all the good reputation that it had created over the years. The fraud that affected the Gurgaon branch of the bank was master minded by an employee of the bank by the name of Shivraj Puri.
On Sunday, it was revealed that Puri tried to erase all the evidence of his transactions before he was presented in the court on Dec 30. He broke the iPad that contained all the evidences of the transactions from the bank.
Hero Corporate Services Ltd senior official, Sanjay Gupta has got police remand for seven days i. e. up to 15th January. This has been extended by the court of chief judicial magistrate, D N Bharadwaj on Saturday. Sanjay Gupta was linked with the Rs 300-crore Citibank fraud.
The entire illegal plan has been executed by Gupta, an associate vice-president with the group who was arrested on Monday under Section 120B of the Indian Penal Code.
Pankaj Vaish to take charge of Citi’s Head of Markets, for South Asia - India, Bangladesh and Sri LankaSubmitted by Harish Dhawan on Tue, 07/20/2010 - 01:54
One of the largest banks in the world- Citibank has appointed Pankaj Vaish as Head of Markets for Citi in India, Bangladesh and Sri Lanka. Vaish will shoulder the responsibilities for the fixed income, currencies, credit, commodities and equities businesses of the bank.
Citibank India, the Indian arm of the leading global financial services company has recently bagged the award for the 'Excellence in Internet Banking' for the year 2009. The financial institution was honoured with the award at The Asian Banker Excellence in Retail Financial Services Awards Program.
Citibank, one of the largest full service banks in the world offering an unparalleled range of products and services, has announced the launch of the Citi Titanium Cash Rewards Credit Card in the country.
The lender claims that with the power of cash back and the flexibility of rewards rolled into one, the card offers 5 times rewards on all weekend spends, multiple reward redemption options and the lowest interest rates in the category at 2.5% per month.