Airtel Payments Bank Gets Approval From RBI

The telco giant was blamed for opening bank accounts of existing customers without the latter’s express permission and was not given nod to resume

Airtel RBI, RBI, RBI approval to Airtel, Airtel Bank, Airtel bank customers, Airtel Payments Bank
Image courtesy: Wikimedia Commons

After a long controversy, the Reserve Bank of India (RBI) on Thursday, finally offered its approval to Airtel Payments Bank and said that the telco major can add new customers to the bank and start registering new accounts.

Airtel reportedly opened bank accounts without the express permissions of customers

A spokesperson from Airtel Payments Bank said,“Airtel Payments Bank has received requisite approvals from the Reserve Bank of India to start onboarding new customers,”

The spokesperson added:“Airtel Payments Bank has also been permitted by the UIDAI to resume the on-boarding of customers using Aadhaar based e-KYC. We thank the authorities for the approvals. We remain committed to the Government’s vision of financial inclusion and banking for all.”

- Advertisement -

The telco giant had originally come under the radar after it was reported that it has opened bank accounts of existing customers without even seeking for their express permissions. These accounts had eventually caused rerouting of government subsidies for LPG with Rs 1.68 billion going straight to Airtel Payments Bank accounts with the customers not even aware of the same.

The bank has been permitted to use Aadhaar e-KYC to register customers

In January 2018, Airtel Payments Bank was barred from adding new customers due to a pending RBI enquiry and report on the same. However, the bank now seems to have received the green signal from RBI to continue with its normal operations and has also got permission to use Aadhaar e-KYC to sign up customers.

Last month on May 16, in a circular, the Unique Identification Authority of India (UIDAI) had also declined Airtel to access e-KYC services where UIDAI had categorised KYC users as local and global Authentication User Agency (AUAs). While local AUAs received limited access from UIDAI only through Virtual IDs, global AUAs were given full e-KYC services except for Airtel Payments Bank.

- Advertisement -
Loading form…

Industry's Buzz

thyssenkrupp

Thyssenkrupp Automotive Launches Pune GCC

0
The German mobility giant expands its Indian engineering footprint with a new hub dedicated to software-defined vehicles and advanced chassis systems. Thyssenkrupp Automotive Technology has...

Micron Introduces Global Profit-Linked Bonus Scheme from FY27

0
The US memory-chip giant acts following trade union pressure in Taiwan to share record gains from the artificial intelligence boom.  US memory-chip manufacturer Micron Technology...
FICCI

FICCI Identifies Electronics as a Priority for India–Germany Cooperation

0
FICCI identifies electronics and advanced manufacturing as key areas for German investment in India, with potential for stronger manufacturing partnerships and integrated supply chains...
APT Electronics

APT Electronics Outsources Two Automotive Vision Operations to Geely

0
APT Electronics plans to extend its automotive vision supply agreements with Geely through 2029 and outsource operations at two subsidiaries to improve efficiency, product...

US Allocates $389M in R&D Grants for Power Semiconductors

0
Federal funding targets four technology firms to advance next-generation semiconductor materials and fusion power applications. The US Commerce Department has announced plans to award $389...

Learn From Leaders

Pravin Patel, Founder and Chairman, Brio Agri, India

“Our goal is not to replace farmers, but to empower them with better tools,...

0
In an exclusive interaction with EFY's Saba Aafreen, Pravin Patel, Founder and Chairman of Brio Agri, discusses building hydroponics and controlled-environment agriculture in India,...

Does India’s Chip Packaging Growth Need Local Materials At Scale?

0
What will it take for specialised semiconductor materials manufacturing to grow in India? Packaging volumes will be a key factor as OSAT facilities move...
Ronak Kumar Samantray, Founder, TM2Space Technologies Pvt Ltd.

“Our goal is to build data centres in space.” – Ronak Kumar Samantray, TM2Space

0
A space startup aims to build orbital data centres, letting users run AI models and store data on satellites while also supplying satellite hardware...

India’s Photonics Puzzle Is Finally Coming Together 

0
Can India turn its scattered photonics capabilities into a stronger industry? A new association aims to connect the ecosystem and strengthen the domestic value...
Jin Bains, CEO, Mini-Circuits

Mini-Circuits CEO Jin Bains on Navigating High-Frequency Component SWaP-C Constraints, Emerging Markets, and Career...

0
In this exclusive, Jin Bains, Chief Executive Officer (CEO) of Mini-Circuits, explains in a conversation with Dilin Anand of EFY about areas of emerging...

Startups

Pranay Rebala, Vice President of Product, BluJ Aerospace

“Rather Than Waiting For The Technology To Mature, We Are Ready For The Next...

0
Can battery-electric and hydrogen propulsion coexist in future VTOL aircraft? BluJ Aerospace sees complementary roles for both, with batteries powering shorter-range flights and hydrogen...

UST Selects 19 Startups for D3 Startup Challenge 2026 in Bengaluru

0
The programme is designed to identify technologies that address business challenges, assess their practical applications and determine their potential to scale UST, an AI and...

Compcarta Reduces The Cost And Complexity Of End-To-End Chip Design

0
Building a chip should not require assembling an entire design ecosystem. A Noida-based startup is developing a browser-based EDA platform that aims to reduce...

Aquaexchange Brings Monitoring And Automation To Shrimp Farming

0
The startup has developed an AI- and IoT-enabled platform that helps shrimp farmers manage farms, access financing, monitor operations, and connect with markets. The startup...

Drone-Like Aircraft For Logistics From BluJ Aerospace

0
Hyderabad-based BluJ Aerospace is developing indigenous electric and hydrogen-powered vertical take-off and landing (VTOL) aircraft for remote cargo transport. BluJ Aerospace, a Hyderabad-based aerospace startup...