Reserve Bank of India imposes monetary penalty on Airtel Payments Bank Limited
The fine was imposed after RBI scrutinized Airtel Payments bank's documents relating to opening of accounts without any specific or clear consent from the customers. Reserve Bank of India (RBI) has imposed penalty of Rs. 5 Crores on Airtel Payments Bank. Airtel Payments Bank, which had commenced its operations in January last year, was charged for violating operating guidelines and Know Your Customer (KYC) norms. The fine was imposed after RBI scrutinised the bank's documents relating to opening of accounts without any specific or clear consent from the customers. "The Reserve Bank of India (RBI) has imposed, on March 7, 2018, a monetary penalty of Rs. 50 million on Airtel Payments Bank Limited (the bank) for contravening the Operating Guidelines for Payments Banks' and directions issued by RBI on Know Your Customer (KYC) norms," the central bank said in a statement. Based on the complaints and adverse media reports alleging that the bank had...