Mumbai: The RBI on Monday imposed a Rs 31.8 lakh penalty on Airtel Payments Bank for non-compliance with certain provisions related to disclosure in financial statements.
The Reserve Bank of India (RBI) said it had conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as of March 31, 2025.
Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank.
After considering the bank's reply to the notice and additional submissions, the RBI said it has found that the charge against Airtel Payments Bank regarding non-disclosure of certain complaints in its annual financial statements for the financial year 2024-25 was sustained, warranting imposition of a monetary penalty.
It also said that the penalty 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 Reserve Bank of India (RBI) said it had conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as of March 31, 2025.
Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank.
After considering the bank's reply to the notice and additional submissions, the RBI said it has found that the charge against Airtel Payments Bank regarding non-disclosure of certain complaints in its annual financial statements for the financial year 2024-25 was sustained, warranting imposition of a monetary penalty.
It also said that the penalty 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.
