Sunil Mittal-owned Airtel Payments Bank has been fined of Rs 5
crore by Reserve Bank of India (RBI) for breaching Know Your Customer (KYC)
norms.
The central bank said that a "monetary penalty of Rs 50
million has been imposed on Airtel Payments Bank Limited for contravening the
Operating Guidelines for Payments Banks and directions issued by RBI on
KYC."
Earlier this week, RBI had fined three
other banks — State Bank of India(Rs 40 lakh), Axis Bank (Rs
3 crore) and Indian Overseas Bank (Rs 2 crore) — for non-compliance
of RBI norms relating to detection and reporting of counterfeit notes,
classification of non-performing assets (NPAs) and violation of KYC norms,
respectively.
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