RBI Imposes ₹ 1 Crore Penalty on Paytm Payments Bank

• 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