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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
Did you know that one district in Uttar Pradesh is famous for its advanced hospitals…
Did you know that there was a time when girls in India were not allowed…
At India AI Impact Summit 2026, the Gujarat government signed a Memorandum of Understanding (MoU)…
Union Health Minister Jagat Prakash Nadda launched the indigenously manufactured Tetanus and Adult Diphtheria (Td)…
Did you know that one small island became famous across the world because of a…
Indian Railways has integrated Artificial Intelligence (AI) into seven key passenger-facing applications to improve grievance…