wordpress blog stats
Connect with us

Hi, what are you looking for?

RBI fines Airtel Payments Bank just Rs 5 crore for KYC norms violation; Questions

Photo showing an Airtel board atop a shop

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…

Please subscribe/login to read the full story.
Written By

Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ