RBI slaps â¹5 cr fine on Airtel Payments Bank over KYC norms
The RBI has imposed a penalty of â¹5 crore on Airtel Payments Bank for breaching Know Your Customer (KYC) norms. The fine was imposed after the RBI found it guilty of opening payments bank accounts of subscribers without their consent. More than 23 lakh customers reportedly received over â¹47 crore in their payments accounts, which they didn't know were opened.