RBI imposes monetary penalty on IDBI Bank & Citibank N.A In March 2025, the Reserve Bank of India (RBI) imposed penalties on Mumbai(Maharashtra) based IDBI Bank Limited, formerly known as Industrial Development Bank of India Limited (IDBI) and New York, the United States of America(USA) based Citibank N. A for violating rules under the Foreign Exchange Management Act (FEMA), 1999.