Reserve Bank of India had asked the bank in June 2018 to stop customer registrations after slapping a INR 5 crore fine for violation of regulations, including opening of accounts for customers without their knowledge.
The penalty was imposed after Reserve Bank of India scrutinised documents related to opening of accounts without any specific/clear consent from customers. The central bank had reportedly concluded in March 2018 that Airtel Payments Bank had contravened operating guidelines for payments banks and directions issued by Reserve Bank of India on e-KYC norms.
Unique Identification Authority of India has suspended Bharti Airtel and Airtel Payments Bank in December 2018 from conducting Aadhaar-based verification of customers following complaints that the telco had used the facility to open payments bank accounts of subscribers without their informed consent.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.