Citibank India

Citibank began operations in 1902 in Calcutta (Kolkata).{{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 | date=25 February 2023}}{{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}}

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

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.{{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}}{{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}} After an investigation by the Federal Reserve, four officials at the bank resigned.{{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}} 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.{{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}}{{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}}

In 2010, Pramit Jhaveri, became chief executive officer.{{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}}

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.{{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}} 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.{{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}}

Ashu Khullar was named chief executive officer in 2019.{{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 | date=8 March 2019}}

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.{{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}}

In 2022, Axis Bank announced the acquisition of Citibank India's consumer banking business for ₹12,325 crore ($1.6 billion).{{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}}{{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}}{{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}}

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.{{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}} All Citibank retail branches were rebranded as Axis Bank,{{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}} with Axis Bank absorbing 97 percent of Citibank India's workforce of 3,200 people.{{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}}

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