In no particular order, here are MediaNama’s top 10 stories of the week ended 18th March 2018

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

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. Read it here

Security researcher reported vulnerability on India Post server

A French security researcher Robert Baptiste, who goes by the pseudonym Elliot Alderson on Twitter had reported a vulnerability on the India Post server on behalf of an Indian researcher who prefers to remain anonymous. Read it here

Supreme Court defers mandatory linking of Aadhaar till conclusion of hearing

Stating that the government cannot insist on a mandatory Aadhaar even for Tatkal passports, the Supreme Court has included Tatkal passports among the deadlines for Aadhaar linking with various services and extended the deadline that indefinitely till the conclusion of the case. Linking Aadhaar now with various non-welfare services cannot be made mandatory till the case is disposed off. Read it here

Govt plans compensation mechanism to prevent sale of counterfeit products online: reports

The Department of Industrial Policy & Promotion (DIPP), along with the Department of Consumer Affairs (DCA) and various e-commerce platforms operating in the country are currently discussing a proposal for setting up a cashback or compensation mechanism for counterfeit products sold via online platforms, reports PTI. However, this proposed cashback system will be voluntary in nature, which probably defeats the purpose. Read it here

HDFC, Citi Bank cards block purchasing of cryptocurrencies like bitcoins

HDFC Bank and Citi Bank have sent out notifications informing their customers that they have barred the use of their credit, debit and prepaid cards for the purchase or trade of cryptocurrencies like Bitcoins. Read it here

WhatsApp tries to make payments to other UPI IDs less painful

Update: Despite the new tweaks to the user interface, Whatsapp payments to other UPI IDs doesn’t work. We tried to send money using different WhatsApp accounts to other UPI accounts and every single time the transaction failed. The update seems to be more cosmetic than actually functional. Read it here

Meru will allow drivers to set fares in an bid to compete with Uber, Ola

Ride-hailing company Meru Cabs will now allow drivers to set dynamic fares to attract more commuters, moving towards a marketplace model as it looks to compete in a space dominated by rivals Ola and Uber. Read it here

Constitutional Validity of Aadhaar, Day 17: ‘Collection of biometric information is the complete anathema to proportionality’

This is a record of the proceedings in the Supreme Court bench hearings on the Constitutional validity of Aadhaar, which began on Feb 13, 2018. You may read the previous days’ proceedings here: Day 1, Day 2, Day 3, Day 4, Day 5, Day 6, Day 7, Day 8, Day 9, Day 10, Day 11, Day 12, Day 13, Day 14, Day 15 and Day 16. Read it here

TRAI notice to Airtel for non-compliance with new pricing rules

The Telecom Regulatory Authority of India (TRAI) has issued a notice to Airtel for not complying with the regulator’s tariff reporting requirements. Airtel did not inform TRAI about certain segmented tariffs offered to consumers to retain them. This is the authority’s first such notice after new rules came into force, and it has asked for a reply in the next 10 days. Read it here

Mobile Wallet transactions grew by 37.9M to 326.3M in January 2018

For the month ending January 31,2018, number of transactions using Prepaid Payment Instruments (which includes both Mobile Wallets and PPI Cards combined) increased by 13% to 361.2 million as compared to 319.9 million in December 2017, and grew 22% compared to 295.8 million in January 2017, according to data from the Reserve Bank of India. The amount transacted went up 3% month on month to Rs 14,771 crores from Rs 14,334 crores, while grew 34% year on year from Rs 11,001 crores in January 2017. Read it here