- Citibanks fined by RBI for violating norms
- HDFC raises stakes in Andhra Cement
- FDI raises 111% to $4.66bn in May
Citibanks fined by RBI for violating norms
The Reserve Bank of India (RBI) on Monday imposed a `25 lakh penalty on Citibank for violating norms relating to know your customer (KYC) and anti-money laundering (AML) that led to a `400 crore fraud in the bank late last year.
“The failure in following KYC/AML guidelines while opening accounts led to the perpetration of a fraud at its Gurgaon branch”, the Reserve Bank of India
HDFC raises stakes in Andhra Cement
Andhra Cements Ltd said in a regulatory filing on Monday that Hous ing Development Finance Corp. Ltd had raised its stake in it by 3.2percentage points to 14.93% by seizing shares pledged with it.
Andhra Cements' chairman G.P. Goen ka wasn't immediately available for comments.
FDI raises 111% to $4.66bn in May
Foreign Direct Investment (FDI) inflows saw a 111% increase in May at $4.66 billion, the second highest monthly inflow in 11 years. In May 2010, FDI was $2.21 billion.
For the April May period of the cur rent fiscal, FDI went up by 77% to $7.78 billion from $4.39 billion in the corresponding period last year.
