The highest penalty of ₹5 crore has been imposed on Citibank NA for non-compliance of norms related to depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services, the RBI said in a statement.

A fine of ₹4.34 core was imposed on the state-owned Bank of Baroda for violation of certain directions related to the creation of a central repository of large common exposures, and others, another release said.

Chennai-based public sector lender Indian Overseas Bank was slapped with a ₹1 crore fine for contravention of directions concerning loans and advances.

In all three cases, the Reserve Bank of India said, penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.