{"id":8708,"date":"2018-03-11T09:23:31","date_gmt":"2018-03-11T09:23:31","guid":{"rendered":"http:\/\/indiaforensic.com\/certifications\/?p=8708"},"modified":"2019-06-03T17:24:16","modified_gmt":"2019-06-03T17:24:16","slug":"airtel-payments-bank","status":"publish","type":"post","link":"https:\/\/indiaforensic.com\/certifications\/airtel-payments-bank\/","title":{"rendered":"Penalty on Airtel Payments Bank for violation of KYC Norms"},"content":{"rendered":"<p>Based on the complaints and adverse media reports alleging that the Airtel Payments bank had opened customer accounts without a clear\/specific consent of the customers, a supervisory visit to the bank was undertaken by RBI between November 20 and 22, 2017. The supervisory visit report and other relevant documents, revealed, inter alia, contraventions of \u2018Operating Guidelines for Payments Banks\u2019 and the directions issued by RBI on Know Your Customer (KYC) norms.<\/p>\n<p>Based on the documents, a Notice dated January 15, 2018 was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with guidelines and directions issued by RBI. After considering the bank\u2019s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI guidelines\/directions were substantiated and warranted imposition of monetary penalty.<\/p>\n<p>Increasing incidences of penalties for violation of the KYC norms by the banks, financial institutions and payment banks underline the importance of the <strong><a href=\"https:\/\/indiaforensic.com\/certifications\/product\/certified-kyc-expert\/\">Certified KYC Expert<\/a><\/strong> program offered by the Indiaforensic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Based on the complaints and adverse media reports alleging that the Airtel Payments bank had opened customer accounts without a clear\/specific consent of the customers, a supervisory visit to the bank was undertaken by RBI between November 20 and 22, 2017. The supervisory visit report and other relevant documents, revealed, inter alia, contraventions of \u2018Operating [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":12181,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-8708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kyc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Penalty on Airtel Payments Bank for violation of KYC Norms - Indiaforensic<\/title>\n<meta name=\"description\" content=\"Airtel Payments Bank was fined Rs. 5 crores for violating the KYC norms laid down by the Reserve Bank of India\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/indiaforensic.com\/certifications\/airtel-payments-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penalty on Airtel Payments Bank for violation of KYC Norms - 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