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Airtel Payments Bank gets barred from signing up new customers

June 27, 2018

The Reserve Bank of India (RBI) has asked Airtel Payments Bank to stop registrations of new customers. Earlier, the RBI had issued a Rs 50 million penalty for violating operating guidelines and Know Your Customer (KYC) norms.

The decision has come post an investigation into the company’s affairs was initiated, after it was caught signing up subscribers without their consent.

In December 2017, Airtel was also barred from using e-KYC (e-verification) by Unique Identification Authority of Inida (UIDAI) for surreptitiously on-boarding customers to its bank, while carrying out Aadhaar verification. The ban on carrying out eKYC still stays even after the company had paid a penalty of Rs 25 million to UIDAI and apologised for the same.

The fine has been issued after RBI has carefully scrutinised all the documents of Airtel Payments Bank relating to opening of accounts, and concluded that it had violated the operating guidelines for payments banks and directions issued by RBI on KYC norms.


 

 
 

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