Rs 5 crore penality on Airtel Payments Bank for violating KYC norms

Mumbai, March 09: The Reserve Bank of India (RBI) on Friday slapped a penalty of Rs 5 crore on Airtel Payments Bank Limited for violating know your customer (KYC) norms, an official statement said here.

"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," the statement said.

The apex bank said that this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.