The Reserve Bank of India has fined Airtel Payments Bank just Rs 5 crore for violating Know Your Customers (KYC) norms: a "deficiency in regulatory compliance". Just to put the penalty in context, between June and October last year Rs 47 crore worth of LPG subsidies were deposited into 23 lakh Airtel Payments Banks accounts after the company had signed up customers without their informed consent. Consumers who are dependent on LPG subsidies may not have the wherewithal to afford LPG cylinders without the subsidy. Considering that Airtel Payments Bank did not issue debit cards and charged customers for cash withdrawals, people were probably left with limited or no access to an essential household commodity. This makes RBI's Rs 5 crore penalty seem like little more than a slap on the wrist. Will the unauthorised Payments Banks account remain? The RBI…
- PrivacyNama Session: Chief Privacy Officer Roundtable; October 7 October 1, 2022
- Delhi police deploys drones to monitor anti-CAA protest centre Shaheen Bagh October 1, 2022
- India’s Department of Telecommunications (DoT) orders ISPs to Block 67 Porn Websites October 1, 2022
- AI Law and Policy Diploma Course (CCG-NLUD) 2022 #Ad October 1, 2022
- RBI’s card storage rules kick in today, but is the payments ecosystem ready in India? October 1, 2022
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