After State Bank of India (SBI), the RBI has imposed a monetary penalty of ₹1 crore on Paytm Payments Bank (PPBL) and ₹27.78 lakh on Western Union Financial Services Inc (WUFSI).
Reserve Bank of India (RBI) told the monetary penalty on PPBL has been imposed for an offence under the Payment and Settlement Systems Act, 2007 (PSS Act).
On examination of Paytm Payments Bank’s application for issue of final Certificate of Authorisation, the RBI observed that PPBL had submitted information that did not reflect the factual position, the central bank said in a statement.
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.
“Western Union had reported instances of breach of the ceiling of 30 remittances per beneficiary during the calendar years 2019 and 2020, and filed an application for compounding of the violation. RBI determined that the aforementioned non-compliance warranted the imposition of a monetary penalty after analysing the compounding application, and oral submissions made during the personal hearing,” the central bank statement said.
Earlier this week, RBI imposed a monetary penalty of Rs 1 crore on India’s largest public lender State Bank of India (SBI) for non-compliance with the directions contained in “RBI (Frauds classification and reporting by commercial banks and select FIs directions 2016”.
Also Read: RBI imposes monetary penalty of Rs 1 crore on SBI
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