RBI imposes Rs 1 crore fine on Paytm Payment Bank
The Reserve Bank of India has imposed a penalty of Rs 1 crore on Paytm Payments Bank Ltd. for violating provisions of Payment and Settlement Systems Act 2007 and submitted information that did not reflect the factual position.
“As this was an offence of the nature referred to in Section 26 (2) of the Payment and Settlement Systems Act, 2007, a notice was issued to PPBL. After reviewing the written responses and oral submissions made during the personal hearing, the RBI determined that the mentioned charge was substantiated and warranted the imposition of a monetary penalty," RBI said in its statement.
Besides PPBL, the central bank also imposed a penalty of Rs Rs 27.78 lakh on Western Union Financial Services for non-compliance with Money Transfer Service Scheme (MTSS) directions.
“RBI determined that the … non-compliance warranted the imposition of a monetary penalty after analysing the compounding application, and oral submissions made during the personal hearing,” it said. The RBI, however, added the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.
As regards Western Union Financial Services, the RBI said the company had reported instances of breach of the ceiling of 30 remittances per beneficiary during 2019 and 2020 and filed an application for compounding of the violation.
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