RBI slaps Rs 1 crore penalty on Paytm Payments Bank, here’s why
Zee News
The Reserve Bank of India (RBI) has slapped a penalty of Rs 1 crore on Paytm Payments Bank Limited (PPBL).
New Delhi: The Reserve Bank of India (RBI), on Wednesday, announced that it has slapped a penalty of Rs 1 crore on Paytm Payments Bank Limited (PPBL) for an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act).
“The Reserve Bank of India (RBI) had, by an order dated October 01, 2021, imposed a monetary penalty of ₹1 crore (Rupees one crore only) on Paytm Payments Bank Limited (PPBL), for an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act),” the RBI said in its order.
RBI added that on examination of PPBL’s application for issue of final Certificate of Authorisation (CoA), it was observed that PPBL had submitted information that did not reflect the factual position.
