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RBI imposes Rs 1 crore penalty on Paytm Payments Bank

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RBI imposes Rs 1 crore penalty on Paytm Payments Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs. one crore on Paytm Payments Bank due to violating provisions of the Payment and Settlement Systems Act 2007.

  • RBI puts a monetary penalty under Section 26 (2) of the Payment and Settlement Systems Act, 2007 (PSS Act).
  • The central bank found that PPBL had submitted information that did not reflect the factual position.

RBI imposes ₹27.78 lakh on Western Union Financial Services

  • Apart from this, The Reserve Bank has imposed a penalty of ₹27.78 lakh on Western Union Financial Services for non-compliance with certain directions.
  • Western Union Financial Services reported instances of breach of the ceiling of 30 remittances per beneficiary during 2019 and 2020 and filed an application for compounding of the violation.

Payment and Settlement Systems Act 2007

  • The PSS Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters.
  • it exercises its powers and perform its functions and discharge its duties under this statute.
  • The PSS Act, 2007 was implemented on 12th August 2008.

About Reserve Bank of India (RBI)

  • Headquarters: Mumbai
  • Founder: British Raj
  • Founded: 1 April 1935, Kolkata
  • Governor: Shaktikanta Das

About Paytm Payments Bank

  • Headquarters: Noida
  • Founder: Vijay Shekhar Sharma
  • Founded: 2015

About Western Union Financial Services

  • Headquarters: Denver, Colorado, United States
  • Founded: 1851
  • Founders: Ezra Cornell, Hiram Sibley, Jeptha Wade, Samuel L. Selden

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