RBI imposes ₹1 crore penalty on Paytm Payments Bank

Paytm Payments Bank.

Paytm Payments Bank.

The Reserve Bank has imposed a penalty of ₹1 crore on Paytm Payments Bank Limited (PPBL) and ₹27.78 lakh on Western Union Financial Services for non-compliance with positive directions. In a launch on Wednesday, the RBI stated on exam of PPBL's software for problem of very last Certificate of Authorization (CoA),

it turned into discovered that it had submitted facts which did now no longer mirror the real position."As this turned into an offence of the character mentioned in Section 26 (2) of the Payment and Settlement Systems Act, 2007, a note changed into issued to PPBL."After reviewing the written responses and oral submissions made throughout the private hearing, the RBI decided that the aforementioned price change substantiated and assured the imposition of an economic penalty,"

it stated. Thereafter, the principal financial institution with the aid of using an order on October 1 imposed a financial penalty of Rs 1 crore on PPBL. As regards Western Union Financial Services, the RBI stated the organisation had stated times of breach of the ceiling of 30 remittances in step with beneficiary for the duration of 2019 and 2020 and filed a software for compounding of the violation.

"RBI has decided that the non-compliance warranted the imposition of an economic penalty after reading the compounding software, and oral submissions made all through the non-public hearing," it stated. The RBI, however, brought the consequences primarily based totally on deficiencies in regulatory compliance and aren't supposed to pronounce upon the validity of any transaction or settlement entered into via way of means of the entities with their customers.



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