RBI Fine for violating KYC norms In Airtel Payments Bank
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Reserve Bank of India slapped fine to the tune of Rs 5 crores fine to Bharti Airtel Payment Banks. In its press release, the RBI stated that it imposed fine on Bharti Airtel Payments Bank after an investigation revealed that, the company misused KYC (Know Your Customer) details of over 23 lakh consumers.
Going further into the details, Airtel used the KYC details opened ‘Airtel Payments Bank’ accounts on the consumers’ name. Rs43 crores have been transferred into their accounts. What’s more shocking is that the consumers were not aware that Airtel Payments Bank accounts have been opened on their names.
In this context, the RBI laid the investigation upon receiving a complaint a few months ago. RBI Chief General Manager, Jose K Kattoor stated that Bharti Airtel has been fined along with the guidelines of the 1949 Banking Regulation act.
This incident once again exposes how multinational companies are misusing the details of their consumers.
RBI slapped a penalty Rs 2 crores on IOB (Indian Overseas Bank) for violating KYC norms.
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Suspend TDP and BJP party identification – Raghuveera Reddy to EC
Raghuveera Reddy Comments on BJP And TDP Govt
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APCC President Raghuveera Reddy is completely making a fool out of himself. In his latest comments, he asked the Election Commission to cancel the identification of Telugu Desam Party (TDP) and Bharatiya Janata Party (BJP). Speaking at the media gathering, Raghuveera Reddy said, ‘TDP and BJP have failed miserably in granting the Special Category Status and fulfilling the commitments in the AP Reorganization Act 2014.
These parties thrashed the hopes of 5 crore Telugu people. During the bifurcation of Andhra Pradesh, the BJP demanded an AP Special Category Status for 15 years, against the 5-year period mentioned by the Congress.
Then why did BJP go back on its own word now? I have submitted video records of the promises made by TDP and BJP leaders to the Election Commission. I requested the EC to cancel the identification of both these parties under 16(A) of Indian Constitution’.
MP KVP Ramachandra Rao also took the opportunity to criticize Modi, BJP, and TDP. ‘If PM Modi had any moral values left in him, he should immediately grant Special Category Status to Andhra Pradesh. One cannot guess when TDP and BJP will form an alliance, and break their alliance,’ said Ramachandra Rao.
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