RBI fines Airtel Payments Bank Rs 50 million for KYC norms breach

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 50 million on Airtel Payments Bank for breaching payment bank guidelines and Know Your Customer (KYC) norms.

The central bank made by a supervisory visit to the payments bank between November 20 and 22, wherein it was concluded that there were deficiencies in the payment bank’s regulatory compliance. Following which, the RBI sent a show cause notice to Airtel Payments Bank on January 15, 2018.

This visit was due to complaints and adverse media reports alleging that “the bank had opened customer accounts without a clear or specific