Reserve Bank of India

The Reserve Bank of India (RBI) imposed a penalty of Rs. 5 crore on Airtel Payments Bank, the financial services arm of Bharti Airtel Limited, for violating operating guidelines and Know Your Customer (KYC) norms. This penalty has been imposed "for contravening the 'Operating Guidelines for Payments Banks' and directions issued by RBI on KYC norms," RBI said in a statement. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the statement further read.