Banking giant Citigroup, led by Indian American CEO Vikram Pandit, has repaid $20 billion it received in bailout funds as it works to free itself from government restrictions including the pay of its top 100 employees.

Citigroup which had received $45 billion under the US Troubled Asset Relief Programme last year over two separate bailouts, sold $17 billion in common shares and $3.5 billion in convertible notes to help raise capital to repay the government.