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RBI impose Rs 1 cr penalty on Paytm Payments Bank

Sumit Arora Published On October 22nd, 2021 Leave a comment

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on Paytm Payments Bank Limited (PPBL) over certain specified violations, as referred in Section 26 (2) of the Payment and Settlement Systems Act, 2007. RBI observed that the information submitted during Paytm Payments Bank’s application for the issue of the final Certificate of Authorisation (CoA) did not reflect the factual position.

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It has also penalised Western Union Financial Services by imposing a penalty of Rs 27.8 lakh for violating the prescribed limit of remittances per year.

Important takeaways for all competitive exams:

Chairman of Paytm Payments Bank Ltd: Vijay Shekhar Sharma;
MD and CEO of Paytm Payments Bank Ltd: Satish Kumar Gupta;
Paytm Payments Bank Ltd Headquarters: Noida, Uttar Pradesh.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.