The Reserve Bank of India (RBI) has imposed a fine of Rs 5 crore on Sunil Mittal-owned Airtel Payments Bank for flouting Know Your Customer (KYC) norms and operating guidelines. "The Reserve Bank of India (RBI) has imposed, on March 7, 2018, a monetary penalty of Rs 50 million on Airtel Payments Bank Limited (the bank) for contravening the Operating Guidelines for Payments Banks' and directions issued by RBI on Know Your Customer (KYC) norms," the central bank said in a statement.
Bharti Airtel has been using Aadhaar-based eKYC SIM verification process to open new accounts with its Airtel Payments Bank with the consent of its users. More than 23 lakh Airtel subscribers had reportedly received as many as Rs 47 crore in their payments bank accounts which were opened without their knowledge. Based on complaints and media reports, the central bank had conducted a supervisory visit to the bank from November 20 to 22 last year.

The Reserve Bank of India (RBI) has imposed a fine of Rs 5 crore on Sunil Mittal-owned Airtel Payments Bank for flouting Know Your Customer (KYC) norms and operating guidelines. "The Reserve Bank of India (RBI) has imposed, on March 7, 2018, a monetary penalty of Rs 50 million on Airtel Payments Bank Limited (the bank) for contravening the Operating Guidelines for Payments Banks' and directions issued by RBI on Know Your Customer (KYC) norms," the central bank said in a statement.
Bharti Airtel has been using Aadhaar-based eKYC SIM verification process to open new accounts with its Airtel Payments Bank with the consent of its users. More than 23 lakh Airtel subscribers had reportedly received as many as Rs 47 crore in their payments bank accounts which were opened without their knowledge. Based on complaints and media reports, the central bank had conducted a supervisory visit to the bank from November 20 to 22 last year.