Paytm Penalised : The RBI on Wednesday imposed a fine of Rs 1 crore on Paytm Payments Bank Limited. This penalty has been imposed on Paytm Payments Bank Limited in violation of certain provisions. The RBI, in its order issued on October 1, 2021, has said that Paytm Payments Bank has been found guilty of the same violations for which penalty is imposed under Section 26 (2) of the Payment and Settlement Systems Act, 2007 (PSS Act). Has gone.
Paytm Payments Bank Limited wrong information
PPBL on scrutiny of the Final Certificate of Authorization (CoA) found that the information provided by the company is not factually correct. Therefore, it is a violation of the same kind, which comes under punishment under Section 26 (2) of the PSS Act. RBI said, this was an offense under section 26(2) of the PSS Act. A notice was issued to PPBL. After reviewing the written replies and oral inputs received during the personal hearing, RBI decided to substantiate the allegation stated above. Under this there was a need to impose monetary penalty.
Cryptocurrency Price Today: Bitcoin again nears all-time high, crosses 64 thousand dollars as soon as ETF starts in US
Western Union Financial Services also fined
Further, RBI has also directed the cross-border in-bound service operator Western Union Financial Services Inc. (WUFSI) to comply with certain provisions of the instructions contained in the “Master Direction on Money Transfer Service Scheme (MTSS Direction) dated February 22, 2017. 27 lakh has been imposed on the fine. RBI said in a statement, “This action has been taken on the deficiencies in regulatory compliance. WUFSI had reported instances of violation of the limit of 30 remittances per beneficiary during the calendar years 2019 and 2020 and filed an application for compounding of the violation.
Get Business News ,, latest India News ,, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.