"India is amongst the top five or six emerging markets that are expected to contribute to this growth going forward," The bank, one of the top three foreign commercial banks in India along with Standard Chartered and HSBC.

Citibank operates across businesses including corporate, consumer and investment banking, and wealth management in the country.

Citibank, the No. 3 U.S. bank by assets, is "relaxed" with its asset quality in the country and has not slowed down lending activity, concerns a series of interest rate hikes will lead to a surge in corporate and consumer loan defaults.

India's RBI bank has been among the most aggressive globally, increasing rates 13 times since early 2010 to tame inflation.

Earlier this month, Moody's downgraded its outlook for the Indian banking system to "negative" from "stable," and warned of slowing growth at home and overseas hitting asset quality, capitalization and profitability.

"As far as our business is concerned we are not, in any way, seeing signs of stress that one would associate with sleepless nights," who was previously head of global banking and the vice chairman of Asia investment banking at Citigroup.

"Even though we have not slowed down and the business is continuing as usual, our credit losses on the credit card apply business or any of the consumer business are very much under levels that we would like them to be."