Airtel Payments Bank failed to sign-up any new customers since January after falling foul of Reserve Bank of India (RBI) data guidelines, Business Standard reported.
The operator told the newspaper it was working on a resolution with authorities and confirmed it had suspended new sign-ups in January.
RBI’s complaint dates back to the findings of an inspection in November 2017, where it apparently found violations of its payment bank operating guidelines relating to international know your customer data standards.
In March, The Economic Times reported RBI fined Airtel Payments Bank INR50 million ($726,262) for “sustained” violations of its operating guidelines.
Airtel enjoyed early success for the service, which was the first Payments Bank to launch following a government initiative to encourage the adoption of digital financial services and reduce reliance on cash. Subsequently a number of other companies developed and released similar services.