BOMBAY - Still under fire in an Indian government fraud investigation, Citibank's Bombay branch said it remains committed to India, where it has been doing business for 91 years.
The Citibank operation here is one of the four foreign banks accused of initiating a $1.28 billion securities scandal. The others are ANZ Grindlays of Australia, Standard Chartered Bank of Britain, and Bank of America.
Citibank declined to comment on a parliamentary committee report asking the Reserve Bank of India, the country's central bank, to carry out a "special scrutiny" of the four banks' operations in India.
"We have taken appropriate action to ensure that we are in full compliance with all internal and external requirements," Citibank said. "Our operations in India remain healthy," it added.
The bank employs 1,400 people in six branches in Bombay, Delhi, Calcutta and Madras.