CURRENT AFFAIRS

Detailed explanation-1: -Citi’s scaling down of operations in India is part of its strategy to exit retail businesses in 13 markets to conserve capital and focus on higher-yielding revenue streams. It had entered India in 1902 and started the consumer banking business in 1985.

Detailed explanation-2: -The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.

Detailed explanation-3: -Why was Rupee Co-operative Bank Ltd licence cancelled?

Detailed explanation-4: -Citi announced its plan to exit Russia consumer banking in April 2021 as part of its global strategic refresh to exit consumer franchises in 14 markets in Asia, Europe, Middle East and Africa, and Mexico. In March 2022, Citi expanded the scope of its planned exit in Russia to include local commercial banking.

Detailed explanation-5: -Some experts have blamed Indian banking’s bad-loan crisis. “We believe our capital, investment dollars, and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia, ” Citigroup’s global CEO Jane Fraser had said last year.