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India's Airtel Payments Bank fined for breaching know-your-customer norms

Airtel Payments Bank Ltd. will have to pay 50 million rupees as a regulatory fine for breaching know-your-customer norms.

The Reserve Bank of India said March 9 that it imposed a monetary penalty on the payments bank due to deficiencies in regulatory compliance. The central bank conducted a supervisory visit on Airtel Payments Bank following media reports alleging that the bank opened accounts without the clear consent of the customer. The visit found breaches of KYC norms.

As of March 9, US$1 was equivalent to 65 Indian rupees.