Exclusive: The ‘C’ rating that could impact Citibank’s deal with Axis Bank

An RBI report from January 2021 points to problems at the foreign bank’s India operations, adding uncertainty to a deal that is already complicated.

The Reserve Bank of India pulled up Citibank India over its asset quality and business practices just months prior to the bank putting its retail business on the block. 

On 27 January 2021, the RBI asked Citibank India to improve its “hygiene” in opening current accounts and said it had observed “deficiencies” in the “identification” of non-performing assets, along with certain other shortcomings, according to the confidential risk mitigation plan shared with the foreign bank along with the RBI’s risk assessment report for the 2019-20 fiscal year. The Morning Context has accessed the risk mitigation plan, containing a synopsis of …


Furquan Moharkan

Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.

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