Ending his 12-year long stint with Bharti group, Shashi Arora has resigned as the CEO and MD of Airtel Payments Bank.
Shashi has joined the Sunil Mittal led- giant in February 2006 as the Chief Operating Officer, Delhi Circle, Bharti Airtel. He was then appointed as the Director and CEO of Airtel DTH for nearly five years, before being promoted as the MD and CEO of the Airtel Payments Bank in June 2016.
Prior to joining Bharti Airtel, Shashi was the Group Marketing Head with Kotak Mahindra Bank. He was also associated with sales and branding roles at Hindustan Unilever Ltd.
The bank recently had to face a lot of flak due to the controversy over the illegal usage of e-KYC details of the customers. However, it has not been confirmed by the company sources but various media reports are linking Arora’s resignation with Unique Identification Authority of India’s (UIDAI) decision of temporarily barring the bank from carrying out any e-KYC verification.
Reportedly, more than 31 lakh customers received Rs 190 crore of LPG subsidy in their Airtel bank accounts, that were opened without taking consent of the consumers.
As per the bank, there is no discrepancy in the process and no bank account was opened without the consent of the customers and additional safeguards have been introduced.
The company recently deposited Rs 2.5 crore as an interim penalty to UIDAI. Aadhaar issuing authority later allowed Airtel to do e-KYC.
Mounting pressure on Airtel, the state-run oil companies had begun writing to billionaire Sunil Mittal-led
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
