RBI slaps Rs 5 crore penalty on Airtel Payments Bank for norms violation
9 March 2018 11:41 PM IST
Mumbai: The Reserve Bank has imposed a penalty of INR 5 crore on Airtel Payments Bank 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 INR 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," RBI said.
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