RBI Imposes Rs 1 Crore Penalty On Paytm Payments Bank
NDTV
RBI has imposed a penalty of Rs one crore on Paytm Payments Bank for violating provisions of Payment and Settlement Systems Act 2007
The Reserve Bank of India (RBI) has imposed a penalty of Rs one crore on Paytm Payments Bank for violating provisions of Payment and Settlement Systems Act 2007.
It has also penalised Western Union Financial Services by imposing a penalty of Rs 27.8 lakh for violating prescribed limit of remittances per year.
According to a statement issued by the central bank, it was noted that Paytm payments bank's application seeking issue of final certificate of authorization, did not reflect its factual position
The Reserve Bank of India (RBI) on October 20 said it has imposed a monetary penalty of Rs one crore on Paytm Payments Bank Limited (PPBL) for certain violations.
