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RBI Orders Airtel Payments Bank to Perform Fresh KYC Of Users

Airtel Payments Bank Must Perform KYC Of Users Again: RBI

Throwing light on the temporary ban on Aadhaar-based KYC by Airtel in which the company manipulated customers into opening Airtel Payment Banks accounts when linking their mobile phones to Aadhaar cards, the Reserve Bank of India (RBI) has ordered telcos to behave fresh KYC.

This verification, every bit per RBI'due south instructions, must be conducted through contained third-party entities. RBI considers telecom operators to be "unregulated" entities by the RBI and the KYC washed past these companies will not be valid for verification of users of the payments bank service. Further, the KYC verification by payment banks and tertiary-parties will take to comply with the anti-money laundering regulations of India.

Airtel Payments Bank Must Perform KYC Of Users Again: RBI
Courtesy: IBTimes

Mint reports that KYC through regulated third parties will provide a level playing field for telecom and not-telecom firms in the payments banks business organization as companies like Airtel performed KYC for their subscribers and used the same for payment bank accounts without minimum efforts. Economical Times notes, however, that the evolution will put the latter class of firms like Paytm, Fino, and India Mail service in a lead as Airtel would be required to perform KYC of users once more, which autonomously from the extra time will add to operational costs.

Besides Airtel, Reliance Jio is the other telecom which plans to launch its payments banking concern business concern in a lxx:30 partnership with SBI. The venture is to be launched later this year.

Back in December final year, UIDAI has temporarily suspended Airtel's power to conduct eKYC of its subscribers using Aadhaar. Many users had reported that the telco opened accounts of Airtel Payments Bank and directed LPG subsidies in these accounts without their information. Airtel had fraudulently created two.three 1000000 accounts and transferred more than ₹47 crores in their accounts. Every bit a upshot, UIDAI disallowed Airtel Payments Banking company from conducting KYC and the order remains till date.

Source: https://beebom.com/rbi-orders-airtel-payments-bank-to-perform-kyc-of-users-again/

Posted by: walkersolds1992.blogspot.com

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