RBI slaps Rs 1 crore fine on Paytm

The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Paytm Payments Bank Limited (PPBL). The company was accused of not following certain instructions. The banking regulator said that on scrutiny of PPBL's application for issue of Certificate of Final Tribunal (CoA), it was found that the information furnished by it was factually incorrect. The bank has also imposed a penalty of Rs 27.78 lakh on Western Union Financial Services. The RBI said that since this is an offense under the provisions of section 26(2) of the Payment and Settlement Systems Act, 2007, a notice was issued to PPBL.

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