Friday, 24 March, 2023

PayTm Payments Bank facing 1cr Penalty from RBI

<p>The RBI has imposed a penalty of ₹1Cr on PayTm Payments Bank, and ₹27.78 Lakh on Western Union Financial Services, for non-compliance. RBI observed that PayTM Payments Bank had submitted information for Certificate of Authorisation, which did not reflect factual position. The penalties are however based on deficiency in regulatory compliances, and do not affect any transaction or agreement between PayTm and it&#39;s customers.<br /> &nbsp;</p>