Citi News

The financing is specifically directed towards smallholder farmers in India, to support them to improve their agricultural productivity, enhancing their financial well-being, the banks said in a statement.

Citi was once a market leader in India’s credit card business. Citi’s clientele mostly includes high net worth individuals (HNIs). SBI Card is seen as a major contender for Citi’s credit card business.

The investment is part of the previously announced financing round, where Flipkart had raised capital from China`s internet company Tencent, eBay and global technology giant Microsoft. 

Till March 31, Mauritius was the preferred location to carry out such business.

Citi has joined JPMorgan at the top of global regulators` list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability.

Citigroup Inc`s consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said.

Citi on Tuesday became the first overseas bank in India to lower base rate, which it slashed by 15 basis points to 9.35 percent, citing falling interest rates.

Citi has been slowly getting its house in order by cutting costs and shedding assets that are not critical to its main businesses. It has sold retail operations in many countries and shrunk its U.S. branch network.

The fiscal deficit target of 4.1 percent of GDP for 2014-15 is likely to be met though the fiscal trends are "weak", it said.

With closing 16 deals, EY has emerged as the busiest arranger in the merger and acquisitions space this year in the country, while Citi tops by value, according to data compiled by Mergermarket.

Shares of IRB Infrastructure Developers Ltd fall after Citigroup downgraded the stock to "sell" from "buy".

The government had last sold 5 percent stake in ONGC in 2012 for Rs 14,000 crore.

The bank will take a USD 3.8 billion pre-tax charge to cover the settlement.

The New York-headquartered Citi's domestic unit recorded a pre-tax profit growth of 11.4 percent to Rs 5,113 crore in FY14, it said in a statement.