The Reserve Bank of India has imposed a penalty of 1 crore on Paytm Payments Bank for violating provisions of Payment and Settlement Systems Act 2007 and ₹27.78 lakh on Western Union Financial Services for non-compliance with certain directions.
The central bank noted that Paytm payments bank’s application seeking the issue of the final certificate of authorization did not reflect its factual position.
This is related to an offense committed of the nature referred to in Section 26 (2) of the Payment and Settlement Systems Act, 2007.
Paytm Bank CEO: Vijay Shekhar Sharma