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Airtel Payments Bank reportedly opened bank accounts without customer consent

Airtel Payments Bank has reportedly opened bank accounts without informed consent from its customers and has received a notice from the UIDAI, reports the Press Trust of India. Airtel's retailers have allegedly used Aadhaar e-KYC to open bank accounts for customers when they went to stores for verification of their SIMs. The UIDAI reportedly in its notice asked Airtel Payments Bank take immediate corrective measures and report back to the authority on the same. It added that opening accounts without informed consent is a violation of rules and is punishable with financial penalties. Meanwhile, Airtel sent a statement to MediaNama that it is compliant with UIDAI and Reserve Bank of India regulations. "Airtel Payments Bank is fully compliant with RBI & UIDAI guidelines and follows a stringent customer onboarding process. Airtel Payment Bank accounts are opened only after explicit consent from the customer . We will continue to educate retailers and strengthen our process to ensure transparency to customers and compliance with regulation," the company said. This month, Airtel Payments Bank claimed that it has 20 million customers while launching its UPI integration. Note that Airtel began its payments bank operations in November 2016 starting with 10,000 outlets in Rajasthan. Subsequently, it became the first payments bank to roll out services nationally. Airtel Payments Bank reported deposits of Rs 68.33 crore at the end of the financial year ended 31st March 2017, which was its first year of operation, according to its annual report. It’s top 20 depositors accounted for around Rs 20.45 lakh (around 0.3%…

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