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{{short description|Indian private sector bank headquartered in Mumbai, Maharashtra}}
{{short description|Indian private sector bank}}
{{Use dmy dates|date=May 2020}}
{{Use dmy dates|date=May 2020}}
{{Use Indian English|date=June 2016}}
{{Use Indian English|date=June 2016}}
{{Infobox company
{{Infobox company
| name = Citibank India
| name = Citibank India
| logo_size = 200px
| logo_size = 200px
| type = Subsidiary of [[Citigroup]]
| type = [[Subsidiary]]
| owner = [[Citigroup]]
| industry = Banking<br>[[Financial services]]
| foundation = {{Start date and age|df=yes|1902}}
| foundation = {{Start date and age|df=yes|1902}}
| key_people ={{ubl|Pramit Jhaveri<br /> {{small|(Vice-Chairman)}}<ref>{{cite news|url=https://www.thehindu.com/business/Industry/ashu-khullar-and-citi-ceo/article26475420.ece|title=Jhaveri is set to become the vice-chairman of Citi group’s banking|work=The Hindu|access-date=13 March 2019}}</ref>| Ashu Khullar<br />{{small|(Chief Executive Officer)}}<ref>{{cite news|url=https://www.thehindu.com/business/Industry/ashu-khullar-and-citi-ceo/article26475420.ece|title=Ashu Khullar named Citi India CEO|work=The Hindu|access-date=13 March 2019}}</ref>}}
| defunct =  
| industry = Banking<br />[[Financial services]]
| fate =  
| location_city = [[Mumbai]], [[Maharashtra]]
| parent = [[Citigroup]]
| location_country = [[India]]
| products = Credit Cards<br />[[Debit Card]]s<br /> Loans<br /> Investments<br /> [[Insurance|Assurance/Insurance]] <br /> NRI Banking<br /> [[Private Banking]]
| num_employees =
| homepage = {{URL|https://www.online.citibank.co.in}}
}}
}}
 
'''Citibank India''' is the Indian subsidiary of [[Citigroup]]. In March 2023, Citibank India's consumer banking division was sold to [[Axis Bank]]. After the sale, Citibank India continued to provide corporate and institutional banking services in the country.<ref>{{cite news |last1=Rebello |first1=Joel |title=Citigroup to focus on corporate and institutional banking business in India |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/citigroup-to-focus-on-corporate-and-institutional-banking-business-in-india/articleshow/82088631.cms |access-date=1 March 2025 |work=The Economic Times |date=15 April 2021}}</ref><ref>{{cite news |last1=Anand |first1=Nupur |title=Citi expects revenue from India corporate business to grow 10% a year |url=https://www.reuters.com/business/finance/citi-expects-revenue-india-corporate-business-grow-10-year-2022-07-21/ |access-date=1 March 2025 |work=Reuters}}</ref>
'''Citibank India''' is a foreign bank in India with a full service onshore platform. Its Indian headquarters is at [[Bandra Kurla Complex]], [[Mumbai]], [[Maharashtra]]. It is a subsidiary of [[Citigroup]],<ref>{{Cite web|url=https://www.citigroup.com/citi/about/countries-and-jurisdictions/india.html|title=Citi {{!}} Asia Pacific {{!}} India|website=www.citigroup.com|access-date=2019-01-21}}</ref> a [[multinational corporation|multinational]] [[financial services]] corporation headquartered in [[New York City]], United States. Citibank India's services are investment banking, advisory and transaction services, capital markets, risk management, retail banking, and Cards. Although headquartered in Mumbai, the bank has most of its workforce based out of Chennai followed by Mumbai and Gurugram.
 
On 15 Apr 2021, after 119 years in India, Citibank said that it will exit consumer banking businesses in 13 markets including India as part of a restructuring plan.<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/citibank-to-exit-india-consumer-banking-business-as-part-of-global-rejig/articleshow/82087127.cms|title=Citibank global rejig: Citibank to exit India consumer banking business as part of global rejig - The Economic Times|website=https://economictimes.indiatimes.com|access-date=2021-04-16}}</ref>


==History==
==History==
Citibank began operations in 1902 in Calcutta ([[Kolkata]]).<ref>{{Cite news | url=https://www.businesstoday.in/industry/banks/story/citibank-removes-signboard-from-kolkata-office-as-part-of-rebranding-exercise-with-axis-bank-371468-2023-02-25 | title=Citibank removes signboard from Kolkata office as part of rebranding exercise with Axis bank | work=[[Business Today (India)|Business Today]] | date=25 February 2023}}</ref><ref>{{Cite news | url=https://www.ndtv.com/india-news/citibank-removes-signboard-from-iconic-kolkata-office-from-where-it-began-india-operations-3816880 | title=Citibank Removes Signboard From Iconic Kolkata Office From Where It Began India Operations | work=[[NDTV]] | date=27 February 2023}}</ref>


Established in 1902 in [[Calcutta]] ([[Kolkata]]), [[Citibank|Citi India]] has a long history. Currently, [[Citigroup]], the owner of Citi India, is one of the largest foreign direct investors in [[financial services]] in the country. Citi introduced early innovations to India such as the ATM, credit card, 24-hour phone banking, internet banking, and instant SMS alerts.
In the late 1980s and 1990s, the division was one of the first banks to offer [[credit card]]s in India.<ref>{{Cite news | url=https://www.forbesindia.com/article/take-one-big-story-of-the-day/citibank-why-one-of-the-worlds-largest-and-most-iconic-banks-is-wrapping-up-its-retail-business-in-india/67485/1 | title=Citibank: Why one of the world's largest and most iconic banks is wrapping up its retail business in India | first1=MANU | last1=BALACHANDRAN | first2=SALIL | last2=PANCHAL | work=[[Forbes]] | date=16 April 2021}}</ref>


Citi India is backed by a network spanning 98 markets across the world. The bank serves close to 2.5 million customers ranging from corporate houses, multinationals operating in India, SMEs, self-employed entrepreneurs, households, and individuals.{{citation needed|date=January 2019}}
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]].<ref>{{Cite news | url=https://www.joc.com/article/citibank-disputes-allegations-link-indian-scandal_19921117.html | title=CITIBANK DISPUTES ALLEGATIONS OF LINK TO INDIAN SCANDAL | agency=[[Reuters]] | work=[[The Journal of Commerce]] | date=17 November 1992 | url-access=subscription}}</ref><ref>{{cite news | url=https://www.nytimes.com/1992/11/18/business/citibank-denies-india-fraud.html | title=Citibank Denies India Fraud | agency=[[Reuters]] | work=[[The New York Times]] | date=18 November 1992 | url-access=subscription}}</ref> After an investigation by the [[Federal Reserve]], four officials at the bank resigned.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/1993-01-31/fall-from-grace-at-citibank-india | title=Fall From Grace At Citibank India | work=[[Bloomberg News]] | date=31 January 1993 | url-access=subscription}}</ref> 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.<ref>{{Cite news | url=https://www.nytimes.com/1994/09/03/business/india-fines-citibank-most.html | title=India Fines Citibank Most | agency=[[Associated Press]] | work=[[The New York Times]] | date=3 September 1994 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.nytimes.com/1994/08/01/business/india-imposes-fines-on-10-big-foreign-banks.html | title=India Imposes Fines on 10 Big Foreign Banks | first=Sanjoy | last=Hazarika | work=[[The New York Times]] | date=1 August 1994 | url-access=subscription}}</ref>


Citibank's Bombay branch has formally responded to allegations linking it to India's biggest financial scandal, flatly rejecting charges of wrongdoing or of flouting central bank guidelines.
In 2010, [[Pramit Jhaveri]], became chief executive officer.<ref name=Ashu>{{Cite news | url=https://www.thehindu.com/business/Industry/ashu-khullar-and-citi-ceo/article26475420.ece | last=Saha | first=Manojit | title=Ashu Khullar named Citi India CEO | work=[[The Hindu]] | date=8 March 2019 | issn=0971-751X}}</ref>


The bank has written a 16-page note to the Reserve Bank of India, the central bank, explaining all transactions linked to the $1.2 billion securities scandal, Ravi Bhatia, vice president and director for the bank's corporate affairs, said Tuesday."As far as we're concerned everything was above board," Mr. Bhatia said. The note and additional documentation has also been sent to a parliamentary committee probing the scandal.
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.<ref>{{Cite news | url=https://www.thehindubusinessline.com/money-and-banking/Citibank-fined-Rs-25-lakh-for-fraud-at-Gurgaon-branch/article20262373.ece | title=Citibank fined Rs 25 lakh for fraud at Gurgaon branch | work=[[Business Line]] | date=July 4, 2011 | url-access=subscription}}</ref> 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.<ref>{{Cite news | url=https://www.firstpost.com/business/citibank-settles-case-with-sebi-for-violation-of-portfolio-managers-norms-pays-rs-4-5-cr-6369561.html | title=Citibank settles case with Sebi for violation of portfolio managers' norms, pays Rs 4.5 cr | agency=[[Press Trust of India]] | work=[[Firstpost]] | date=2 April 2019}}</ref>


A central bank report on the scandal, released in August, accused the Bombay branches of Citibank and Bank of America of irregularities in securities transactions. The scandal was originally exposed in April, sending share prices plummeting.
Ashu Khullar was named chief executive officer in 2019.<ref>{{Cite news |url=https://www.livemint.com/industry/banking/ashu-khullar-appointed-citi-india-ceo-in-place-of-pramit-jhaveri-1552058432206.html | title=Ashu Khullar appointed Citi India CEO in place of Pramit Jhaveri | last=Gopakumar | first=Gopika | work=[[Mint (newspaper)|Mint]] | date=8 March 2019}}</ref><ref name=Ashu/>


Ram Niwas Mirdha, chairman of the investigating parliamentary committee, has accused foreign banks of initiating the fraud. Prosecutors allege that brokers and bankers siphoned money from the inter-bank securities market and used it to artificially pump up Bombay share prices.
==Sale of consumer banking division==
In April 2021, Citigroup announced that it would exit the consumer banking operations in 13 countries including India. Citigroup announced that it will continue to serve larger clients and institutions in these countries.<ref>{{cite news |title=Citigroup to exit consumer banking in 13 markets |url=https://www.bbc.com/news/business-56755610 |access-date=1 March 2025 |work=BBC |date=16 April 2021}}</ref>


The London-based Standard Chartered Bank has initiated legal action related to the scandal against Citibank in New York.
In 2022, [[Axis Bank]] announced the acquisition of Citibank India's consumer banking business for [[Indian rupee|₹]]12,325 [[crore]] ($1.6 billion).<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/axis-bank-citi-deal-likely-to-be-done-by-q4fy23-says-md-amitabh-chaudhry-8884761.html|title=Axis Bank-Citi deal likely to be completed by Q4FY23, says MD Amitabh Chaudhry|website=Moneycontrol.com|access-date=27 July 2022}}</ref><ref>{{Cite web|url=https://www.axisbank.com/about-us/press-releases/axis-banks-proposed-acquisition-of-citibanks-consumer-businesses-in-india-strongly-positions-it-for-accelerated-premium-market-share-growth|title=Axis Banks proposed acquisition of Citibanks consumer businesses in India strongly positions it for accelerated premium market share growth|website=Axisbank.com|access-date=27 July 2022}}</ref><ref>{{cite web|url=https://www.online.citibank.co.in/CFIL/assets/pdf/intimation-under-regulation.pdf|title=Intimation of Regulation 51 (1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) 2015|website=Online.citibank.co.in|access-date=27 July 2022}}</ref>


The suit is to recover $44 million claimed by Standard Chartered. Citibank is contesting the claim, saying it has no liabilities in the scandal.
The acquisition was completed in March 2023 at a lower price of [[Indian rupee|₹]]11,603 [[crore]] ($1.41 billion) due to customer attrition and decrease in deposits.<ref>{{cite news |last1=Nayak |first1=Siddhi |last2=Thomas |first2=Chris |title=Axis Bank closes Citi India deal at lowered price of $1.41 bln |url=https://www.reuters.com/markets/deals/axis-bank-completes-acquisition-citibanks-india-consumer-business-2023-03-01/ |access-date=1 March 2025 |work=Reuters |date=1 March 2023}}</ref> All Citibank retail branches were rebranded as Axis Bank,<ref>{{cite news |title=‘Citi India customers now served by Axis Bank’: Important points Citi customers need to know |url=https://www.businesstoday.in/industry/banks/story/citi-india-customers-now-served-by-axis-bank-important-points-citi-customers-need-to-know-371836-2023-03-01 |access-date=30 August 2023 |work=Business Today |date=1 March 2023 |language=en}}</ref> with Axis Bank absorbing 97 percent of Citibank India's workforce of 3,200 people.<ref>{{cite news |last1=Kayastha |first1=Anshika |title=Axis Bank witnesses rise in attrition rate despite acquisition of Citibank India’s consumer business |url=https://www.thehindubusinessline.com/money-and-banking/axis-bank-employee-turnover-at-35-even-as-97-citi-employees-retained/article67064701.ece |access-date=30 August 2023 |work=BusinessLine |date=10 July 2023 |language=en}}</ref>
 
Citibank was the biggest foreign player in the Bombay securities market. Between April 1991 and May 1992 it completed business worth more than $8.3 billion – 17 percent of such deals by all banks – according to the report by R. Janakiraman, deputy governor of the central bank. Mr. Bhatia said Citibank was being wrongly portrayed as the villain and dismissed accusations by prominent broker Harshad Mehta that it had masterminded the scandal.
 
When Mr. Mehta talked to the parliamentary committee earlier this month he had produced no evidence against Citibank, Mr. Bhatia said.
 
"It's a figment of his imagination," he said.
 
Mr. Bhatia declined to make available a copy of Citibank's responses to the Janakiraman report but outlined the contents in an interview with Reuters.
 
"Effectively, what we've told them is that whatever issues have been brought up, they did not have full knowledge of them before submitting the report," Mr. Bhatia said.
 
"We did not have the opportunity to respond before the report was published," he said.
 
Citibank had "not done any irregular securities transactions," Mr. Bhatia added.
 
Responding to central bank allegations that Citibank's bankers receipts – promissory notes issued to pledge delivery of government securities – were improperly formatted and were signed by only one instead of the required two signatories, Mr. Bhatia said this was common market practice that had since been rectified.
 
"No bank was using the required format," he said.<ref>{{Cite web|title=CITIBANK DISPUTES ALLEGATIONS OF LINK TO INDIAN SCANDAL {{!}} JOC.com|url=https://www.joc.com/citibank-disputes-allegations-link-indian-scandal_19921117.html|access-date=2020-12-28|website=www.joc.com}}</ref>
 
On 15 Apr 2021, Citi announced that it will exit the consumer banking operations in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The bank said that its institutional client group will continue to serve customers in these 13 countries.
 
The bank said that it does not see enough scale in the consumer business in the 13 markets and believes its “capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”
 
=== Leadership ===
Ashu Khullar was named chief executive officer in 2019. Khullar joined Citi in 1988 and worked for Citibank in Europe, Africa, and London. Before taking office, he was the head of capital markets for the Asia-pacific region.<ref name=":0">{{Cite web|last=Gopakumar|first=Gopika|date=2019-03-08|title=Ashu Khullar appointed Citi India CEO in place of Pramit Jhaveri|url=https://www.livemint.com/industry/banking/ashu-khullar-appointed-citi-india-ceo-in-place-of-pramit-jhaveri-1552058432206.html|access-date=2021-07-27|website=mint|language=en}}</ref>
 
Former CEO, [[Pramit Jhaveri]], became vice-chairman of City-group's banking, capital markets and advisory business for Asia Pacific in 2019.<ref>{{Cite news|last=Saha|first=Manojit|date=2019-03-08|title=Ashu Khullar named Citi India CEO|language=en-IN|work=The Hindu|url=https://www.thehindu.com/business/Industry/ashu-khullar-and-citi-ceo/article26475420.ece|access-date=2021-07-27|issn=0971-751X}}</ref> He served as CEO for nine years before stepping down.<ref name=":0" />
 
==Products and services==
 
Citi India offers consumers and institutions a broad range of [[financial product]]s and services, including [[consumer banking]] and [[Credit (finance)|credit]]; [[Corporate banking|corporate]] and [[investment banking]]; institutional equity research and sales; foreign exchange; credit cards, commercial banking; and treasury and trade solutions. Citi India's balance sheet is considered among the best performing in the Indian banking industry, with a net NPA level of 0.55% as of 31 March 2018{{citation needed|date=March 2020}}.
 
===Digital Wallet Support===
Citibank India only supports [[Samsung Pay]], for their credit cards, not debit cards.<ref>{{Cite web|url=https://www.online.citibank.co.in/credit-card/products-services/samsung-pay/samsung-pay.htm|title=Samsung Pay – Citi India|website=www.online.citibank.co.in|access-date=2019-04-21}}</ref> [[Apple Pay]], [[Google Pay]] or their own proprietary apps are not supported.
 
==External links==
* [https://www.online.citibank.co.in Official Website]


==References==
{{Reflist}}


==References==
{{Portal|Banks}}
{{Reflist|30em}}


{{Citigroup |state=autocollapse}}
{{Citigroup |state=autocollapse}}
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[[Category:Citigroup]]
[[Category:Citigroup]]
[[Category:Banks of India]]
[[Category:2023 mergers and acquisitions]]
[[Category:Banks based in Mumbai]]
[[Category:Indian subsidiaries of foreign companies]]
[[Category:Banks established in 1902]]
[[Category:Banks established in 1902]]
[[Category:Indian companies established in 1902]]
[[Category:Indian companies established in 1902]]
[[Category:Indian subsidiaries of foreign companies]]

Latest revision as of 10:11, 21 November 2025


Citibank India
IndustryBanking
Financial services
Founded1902; 124 years ago (1902)
ParentCitigroup

Citibank India is the Indian subsidiary of Citigroup. In March 2023, Citibank India's consumer banking division was sold to Axis Bank. After the sale, Citibank India continued to provide corporate and institutional banking services in the country.[1][2]

History[edit | edit source]

Citibank began operations in 1902 in Calcutta (Kolkata).[3][4]

In the late 1980s and 1990s, the division was one of the first banks to offer credit cards in India.[5]

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.[6][7] After an investigation by the Federal Reserve, four officials at the bank resigned.[8] 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.[9][10]

In 2010, Pramit Jhaveri, became chief executive officer.[11]

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.[12] 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.[13]

Ashu Khullar was named chief executive officer in 2019.[14][11]

Sale of consumer banking division[edit | edit source]

In April 2021, Citigroup announced that it would exit the consumer banking operations in 13 countries including India. Citigroup announced that it will continue to serve larger clients and institutions in these countries.[15]

In 2022, Axis Bank announced the acquisition of Citibank India's consumer banking business for ₹12,325 crore ($1.6 billion).[16][17][18]

The acquisition was completed in March 2023 at a lower price of ₹11,603 crore ($1.41 billion) due to customer attrition and decrease in deposits.[19] All Citibank retail branches were rebranded as Axis Bank,[20] with Axis Bank absorbing 97 percent of Citibank India's workforce of 3,200 people.[21]

References[edit | edit source]

  1. ↑ Rebello, Joel (15 April 2021). "Citigroup to focus on corporate and institutional banking business in India". The Economic Times. Retrieved 1 March 2025.
  2. ↑ Anand, Nupur. "Citi expects revenue from India corporate business to grow 10% a year". Reuters. Retrieved 1 March 2025.
  3. ↑ "Citibank removes signboard from Kolkata office as part of rebranding exercise with Axis bank". Business Today. 25 February 2023.
  4. ↑ "Citibank Removes Signboard From Iconic Kolkata Office From Where It Began India Operations". NDTV. 27 February 2023.
  5. ↑ 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.
  6. ↑ "CITIBANK DISPUTES ALLEGATIONS OF LINK TO INDIAN SCANDAL". The Journal of Commerce. Reuters. 17 November 1992.
  7. ↑ "Citibank Denies India Fraud". The New York Times. Reuters. 18 November 1992.
  8. ↑ "Fall From Grace At Citibank India". Bloomberg News. 31 January 1993.
  9. ↑ "India Fines Citibank Most". The New York Times. Associated Press. 3 September 1994.
  10. ↑ Hazarika, Sanjoy (1 August 1994). "India Imposes Fines on 10 Big Foreign Banks". The New York Times.
  11. ↑ 11.0 11.1 Saha, Manojit (8 March 2019). "Ashu Khullar named Citi India CEO". The Hindu. ISSN 0971-751X.
  12. ↑ "Citibank fined Rs 25 lakh for fraud at Gurgaon branch". Business Line. 4 July 2011.
  13. ↑ "Citibank settles case with Sebi for violation of portfolio managers' norms, pays Rs 4.5 cr". Firstpost. Press Trust of India. 2 April 2019.
  14. ↑ Gopakumar, Gopika (8 March 2019). "Ashu Khullar appointed Citi India CEO in place of Pramit Jhaveri". Mint.
  15. ↑ "Citigroup to exit consumer banking in 13 markets". BBC. 16 April 2021. Retrieved 1 March 2025.
  16. ↑ "Axis Bank-Citi deal likely to be completed by Q4FY23, says MD Amitabh Chaudhry". Moneycontrol.com. Retrieved 27 July 2022.
  17. ↑ "Axis Banks proposed acquisition of Citibanks consumer businesses in India strongly positions it for accelerated premium market share growth". Axisbank.com. Retrieved 27 July 2022.
  18. ↑ "Intimation of Regulation 51 (1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) 2015" (PDF). Online.citibank.co.in. Retrieved 27 July 2022.
  19. ↑ Nayak, Siddhi; Thomas, Chris (1 March 2023). "Axis Bank closes Citi India deal at lowered price of $1.41 bln". Reuters. Retrieved 1 March 2025.
  20. ↑ "'Citi India customers now served by Axis Bank': Important points Citi customers need to know". Business Today. 1 March 2023. Retrieved 30 August 2023.
  21. ↑ Kayastha, Anshika (10 July 2023). "Axis Bank witnesses rise in attrition rate despite acquisition of Citibank India's consumer business". BusinessLine. Retrieved 30 August 2023.

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