No new customers for Airtel Payments Bank since January; here's why

Airtel payments bank has not been onboarding new customers since January this year following a directive by Reserve Bank of India (RBI).

The directive from the apex bank came after it found that the company was violating operating guidelines and know your customer (KYC) norms. In March, RBI had also imposed a fine of Rs 50 million on the company regarding violation of norms.

The Unique Identification Authority of India (UIDAI) in November last year had also barred Airtel from conducting Aadhaar-based e-KYC of its mobile customers and payments bank clients after reports emerged that payment bank accounts were opened for its