New Delhi: The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on Paytm Payments Bank Limited (PPBL).
The order, dated October 1, 2021, was issued for an offence for violation of Section 26 (
2) of Payment and Settlement Systems Act, 2007.
According to a press release, the notice was issued because in its application for issue of final Certificate of Authorisation (CoA), PPBL had submitted information which did not reflect the factual position.
A Compounding order was issued on October 7 to Western Union Financial Services Inc (WUFSI) — a Money Transfer cross-border in-bound service (customer to customer only) operator — imposing a penalty of Rs 27,78,750 for non-compliance with certain provisions of directions contained in Master Direction on Money Transfer Service Scheme (MTSS Directions).