Citibank India
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1902 |
| Headquarters | Kolkata , India |
Key people | Ashu Khullar (CEO) |
Number of employees | 3200 (2023) |
| Parent | Citigroup |
Citibank India operates as the Indian branch of Citigroup. In March 2023, its consumer banking segment was divested to Axis Bank, whereas Citibank India continues to specialize in corporate and institutional banking services.[1][2]
History
Citibank commenced its operations in Calcutta (Kolkata) in 1902.[3][4]
During the late 1980s and throughout the 1990s, it was among the pioneering banks to introduce credit card services in India.[5]
In 1992, Citibank India was involved in enabling market manipulation amid the 1992 Indian stock market scam.[6][7] This led to a Federal Reserve inquiry after which four executives stepped down.[8] Subsequently, in 1994, the Indian authorities imposed a fine of $16.29 million on Citibank, the largest penalty among 20 banks implicated in the scandal.[9][10]
Pramit Jhaveri took over as CEO in 2010.[11]
In 2011, Citibank faced a Rs 25 lakh penalty for breaching know your customer and anti–money laundering norms following a Rs 400-crore fraud at one of its branches.[12] Later, in 2019, it reached a settlement with the Securities and Exchange Board of India for Rs 4.5 crore due to supervisory lapses concerning forged client bank documents.[13]
Ashu Khullar assumed the role of CEO in 2019.[11]
Sale of consumer banking division
In April 2021, Citigroup declared its withdrawal from consumer banking activities across 13 countries, including India, while maintaining services for larger clients and institutional customers within these regions.
In 2022, Axis Bank consented to purchase Citibank India's consumer banking operations for ₹12,325 crore ($1.6 billion). The transaction was finalized in March 2023 at a lowered amount of ₹11,603 crore ($1.41 billion), reflecting customer attrition and deposit reductions. Post-acquisition, all retail branches formerly under Citibank were rebranded as Axis Bank locations, with Axis Bank absorbing approximately 97% of Citibank India's workforce of 3,200 employees.