RBI impose Rs 1 cr penalty on Paytm Payments Bank
- 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 issue of final Certificate of Authorisation (CoA) did not reflect the factual position.
Points to Remember:
- How much amount of penalty has been imposed on PPBL by RBI?
Source: Financial Express