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RBI on March 9 slapped penalty of Rs 5 crore on Airtel Payments Bank for violating KYC norms

RBI on March 9 slapped penalty of Rs 5 crore on Airtel Payments Bank for violating KYC norms
RBI on March 9 slapped penalty of Rs 5 crore on Airtel Payments Bank for violating KYC norms
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As per report after running into rough weather due to Aadhaar-related e-KYC issues, Airtel Payments Bank on Thursday said it has received requisite approvals from the Reserve Bank of India and UIDAI to start acquiring new customers. A company spokesperson said "Airtel Payments Bank has received requisite approvals from the Reserve Bank of India to start on-boarding new customers. Airtel Payments Bank has also been permitted by the UIDAI to resume the on-boarding of customers using Aaadhaar based e-KYC”.



According to sources Airtel Payments Bank on May 24, 2018 announced the appointment of Anubrata Biswas as its Managing Director and Chief Executive Officer. Meanwhile the appointment comes five months after former CEO and MD Shashi Arora stepped down in December. Furthermore an official said the RBI on March 9 slapped a penalty of Rs 5 crore on Airtel Payments Bank Limited for violating KYC norms.

RBI on March 9 slapped penalty of Rs 5 crore on Airtel Payments Bank for violating KYC norms

RBI statement said "The Reserve Bank of India has imposed, on March 7, 2018, a monetary penalty of Rs 50 million on Airtel Payments Bank Limited for contravening the 'Operating Guidelines for Payments Banks' and directions issued by RBI on Know Your Customer (KYC) norms”.

RBI on March 9 slapped penalty of Rs 5 crore on Airtel Payments Bank for violating KYC norms

RBI on March 9 slapped penalty of Rs 5 crore on Airtel Payments Bank for violating KYC norms
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Bharath has been the knowledge focal point for the world, As Darvin evolution formula End is the Start ... Bharath again will be the Knowledge Focal Point to the whole world. Want to hold the lamp and shine light on the path of greatness for our country Bharath.