Business

RBI Imposes Rs 1 Crore Charge On Paytm Payments Bank, Fines Western Union Likewise

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RBI has actually enforced a penalty of Rs 1 crore on Paytm Payments BankThe Reserve Bank of India (RBI) has actually imposed a penalty of Rs one crore on Paytm Payments Bank for violating arrangements of Payment and Settlement Systems Act 2007.

It has also punished Western Union Financial Providers by enforcing a charge of Rs 27.8 lakh for breaking recommended limit of remittances per year.According to a declaration released by the central bank, it was kept in mind that Paytm payments bank's application seeking concern of last certificate of authorization, did not reflect its accurate positionThe Reserve Bank of India (RBI) on October 20 stated it has enforced a monetary penalty of Rs one crore on Paytm Payments Bank Limited (PPBL) for specific violations.This is connected to an offence dedicated of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act), the RBI stated in a press statement.On examination of Paytm payments bank's application for issue of last Certificate of Authorisation, the RBI observed that PPBL had submitted information that did not show the accurate position, the central bank stated.

As this was an offence of the nature referred to in Area 26 (2) of the PSS Act, a notification was issued to PPBL.

After evaluating the written reactions and oral submissions made during the individual hearing, the RBI identified that the previously mentioned charge was validated and called for the imposition of a financial penalty, the RBI order said.It has also enforced a charge of Rs 27.8 lakhs on Western Union Financial Providers, a money transfer service for breaching the ceiling of 30 remittances per beneficiary during the calendar years of 2019 and 2020.

Western Union had reported circumstances of breach of the ceiling of 30 remittances per beneficiary throughout the fiscal year 2019 and 2020, and filed an application for compounding of the offense.

RBI identified that the abovementioned non-compliance necessitated the imposition of a monetary charge after analysing the compounding application, and oral submissions made throughout the personal hearing, the central bank declaration stated.




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