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RBI Imposes Rs 1 Crore Fine On Paytm Payments Bank

Additionally, the RBI imposed a penalty of approx Rs 27.8 lakhs on Western Union Financial Services (WUFSI) for non-compliance with provision laid out in the Master Direction on Money Transfer Service Scheme (MTSS Directions) dated February 22, 2017.

RBI Imposes Rs 1 Crore Fine On Paytm Payments Bank
RBI Imposes Rs 1 Crore Fine On Paytm Payments Bank
outlookindia.com
2021-10-20T21:34:59+05:30

Reserve Bank of India imposed a fine of Rs 1 crore on Paytm Payments Banks Limited for submitting incorrect details in its application seeking the issue of a final certificate of authorisation (CoA). RBI stated the e-payments facilitator committed an offence of the nature referred to in Section 26 (2) of the Payment and Settlement Systems Act, 2007. 

The apex banker stated a notice seeking a response was issued in this regard to the e-payments facilitator.

"After reviewing the written responses and oral submissions made during the personal hearing, the RBI determined that the aforementioned charge was substantiated and warranted the imposition of a monetary penalty," the order stated.

Additionally, the RBI imposed a penalty of approx Rs 27.8 lakhs on Western Union Financial Services (WUFSI) for non-compliance with provision laid out in the Master Direction on Money Transfer Service Scheme (MTSS Directions) dated February 22, 2017.

The order stated WUFSI had reported instances of breaching the cap permitting 30 remittances per beneficiary during 2019 and 2020. It filed an application for the compounding of the violation. The order stated that after hearing oral submission made by the company during the personal hearing and analysing the compounding application, RBI decided that the offence warranted a monetary penalty. 

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