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Citibank's presence in India dates back to 1902, when it commenced operations in Calcutta (Kolkata), making it one of the oldest foreign banks in the country. Its significant period of influence began in the late 1980s and 1990s when the bank emerged as a pioneer in modern Indian retail banking, being among the first to offer credit cards and spearheading the plastic money revolution in the market. The bank's innovations in consumer durable finance and subsequent adoption of services like private ATM networks and online banking helped shape the competitive landscape of the post-liberalization Indian financial sector.

Citibank India is a subsidiary of the US-based Citigroup, a publicly traded global financial services company. In a major strategic shift, Citigroup announced its exit from its consumer banking operations in India in 2021, a process that culminated in the sale of the division to Axis Bank in March 2023. Following this divestiture, Citibank's significance in the Indian financial system is now anchored in its role as a premier institutional bank. It continues to provide a full range of corporate and investment banking, treasury and trade services, and securities and fund services, reportedly holding a leading market share in the custody services segment.