Airtel Fined For 5 Crore By RBI For e-kyc Norms!

@NIKUNJAGARWAL
The Reserve Bank of India (RBI) slapped a penalty of Rs. 5 crore on Sunil Mittal owned-Airtel Payments Bank Limited for violating eKYC norms.

RBI "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," said RBI's statement
How Airtel Payments Bank breached KYC norms

It was learnt last year that Bharti Airtel was using the Aadhaar-eKYC based verification process to open accounts of its customers in Airtel Payments Bank without their "informed consent".

According to reports, over 23 lakh customers had received, in total, Rs. 47 crore in their Airtel payments bank accounts.


Surprisingly, customers did not even know that they had an Airtel payments bank account.