RBI Imposes ₹ 1 Crore Penalty on Paytm Payments Bank

RBI Imposes ₹ 1 Crore Penalty on Paytm Payments Bank

Daily Current Affairs / RBI Imposes ₹ 1 Crore Penalty on Paytm Payments Bank

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Category : Business and economics Published on: October 22 2021

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Paytm Payments Bank has been fined one crore rupees by the Reserve Bank of India (RBI) for violating the Payment and Settlement Systems Act 2007.
The RBI found that the information provided during Paytm Payments Bank's application for the issuance of the final Certificate of Authorisation (CoA) did not accurately reflect the facts.
It has also fined Western Union Financial Services Rs 27.8 lakh for exceeding the prescribed limit of remittances per year.

Important Facts

About RBI

Founded: 1 April 1935, Kolkata
Governor: Shaktikanta Das
Headquarters: Mumbai
First RBI Governor: Sir Osborne Smith
Reserve Bank of India (RBI) Nationalised: 1949
First Headquarters of Reserve Bank of India: Kolkata
Headquarters of Reserve Bank of India (RBI) moved to Mumbai: 1937

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