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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