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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