Citibank India is a foreign bank in India with a full service onshore platform. Its Indian headquarters is at

Bandra Kurla Complex The Bandra Kurla Complex is a business and residential district in the city of Mumbai, India. It is a prominent upscale commercial hub which commands some of the highest property rates in the country. According to MMRDA, the complex is t ...

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the secon ...

Maharashtra Maharashtra (; , abbr. MH or Maha) is a state in the western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the second-most populous state in India and the second-most populous country subdi ...

. It is a subsidiary of

Citigroup Citigroup Inc. or Citi ( stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomera ...

, a multinational

financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...

corporation headquartered in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

, United States. Citibank India's services are investment banking, advisory and transaction services, capital markets, risk management, retail banking, and Cards. Although headquartered in Mumbai, the bank has most of its workforce based out of

Chennai Chennai (, ), formerly known as Madras ( the official name until 1996), is the capital city of Tamil Nadu, the southernmost Indian state. The largest city of the state in area and population, Chennai is located on the Coromandel Coast of th ...

followed by Mumbai and

Gurugram Gurgaon (pronunciation: �ʊɽɡãːw, officially named Gurugram (pronunciation: �ʊɾʊɡɾaːm, is a city located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest of the nationa ...

. On 15 April 2021, after 119 years in India, Citibank said that it will exit consumer banking businesses in 13 markets including India as part of a restructuring plan.

History

Established in 1902 in

Calcutta Kolkata (, or , ; also known as Calcutta , the official name until 2001) is the capital of the Indian state of West Bengal, on the eastern bank of the Hooghly River west of the border with Bangladesh. It is the primary business, commer ...

(

Kolkata Kolkata (, or , ; also known as Calcutta , the official name until 2001) is the capital of the Indian state of West Bengal, on the eastern bank of the Hooghly River west of the border with Bangladesh. It is the primary business, comme ...

), Citi India has a long history. Currently, Citigroup, the owner of Citi India, is one of the largest foreign direct investors in financial services in the country. Citi introduced early innovations to India such as the ATM, credit card, 24-hour phone banking, internet banking, and instant SMS alerts. Citi India is backed by a network spanning 98 markets across the world. The bank serves close to 25

lakh A lakh (; abbreviated L; sometimes written lac) is a unit in the Indian numbering system equal to one hundred thousand (100,000; scientific notation: 105). In the Indian 2,2,3 convention of digit grouping, it is written as 1,00,000. For e ...

(2.5 million) customers ranging from corporate houses, multinationals operating in India, SMEs, self-employed entrepreneurs, households, and individuals.

Scandal

In 1992, Citibank was one of the foreign banks linked to the

1992 Indian stock market scam The 1992 Indian stock market scam was a market manipulation carried out by Harshad Shantilal Mehta with other bankers and politicians on the Bombay Stock Exchange. The scam caused significant disruption to the stock market of India, defrauding in ...

Exit

In April 2021, Citi announced that it will exit the consumer banking operations in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The bank said that its institutional client group will continue to serve customers in these 13 countries. The bank said that it does not see enough scale in the consumer business in the 13 markets and believes its “capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.” In 2022, it was announced that Citibank India's customer business would be acquired by

Axis Bank Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It sells financial services to large and mid-size companies, SMEs and retail businesses. As ...

for ₹12,325

crore A crore (; abbreviated cr) denotes ten million (10,000,000 or 107 in scientific notation) and is equal to 100 lakh in the Indian numbering system. It is written as 1,00,00,000 with the local 2,2,3 style of digit group separators (one lakh is eq ...

($1.6 billion). The deal is expected to be completed by Q4 FY 2023.

Leadership

Ashu Khullar was named chief executive officer in 2019. Khullar joined Citi in 1988 and worked for Citibank in Europe, Africa, and London. Before taking office, he was the head of capital markets for the Asia-pacific region. Former CEO,

Pramit Jhaveri Pramit Jhaveri is an Indian banker and ex-CEO of Citi. He served as Citi’s India CEO from 2010 to 2019 and is the longest-serving India chief of the bank. Prior to his role as CEO, Pramit set up Citi’s investment banking business in India. I ...

, became vice-chairman of Citi-group's banking, capital markets and advisory business for Asia Pacific in 2019. He served as CEO for nine years before stepping down.

Products and services

Citi India offers consumers and institutions a broad range of

financial product Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies ...

s and services, including

consumer banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

and

credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...

;

corporate A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...

and

investment banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...

; institutional equity research and sales; foreign exchange; credit cards, commercial banking; and treasury and trade solutions. Citi India's balance sheet is considered among the best performing in the Indian banking industry, with a net NPA level of 0.55% as of 31 March 2018.

Digital Wallet Support

Citibank India only supports

Samsung Pay Samsung Pay (stylized as SΛMSUNG Pay) is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments usin ...

, for their credit cards, not debit cards.

Apple Pay Apple Pay is a mobile payment service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. It is supported on these Apple devices: iPhone, Apple Watch, iPad, and Mac. It digitizes and can replace a cred ...

, Google Pay or their own proprietary apps are not supported.

References

External links

Official website
{{Banking in India , state=autocollapse Citigroup Banks of India Banks based in Mumbai Indian subsidiaries of foreign companies Banks established in 1902 Indian companies established in 1902