The Reserve Bank of India (RBI) has assessed a penalty of ₹ one crore on Paytm Payments Bank for violating vittles of Payment and Agreement Systems Act 2007 It has also penalised Western Union Financial Services by assessing a penalty of Rs27.8 lakh for violating specified limit of remittances per time.
According to a statement issued by the central bank, it was noted that Paytm payments bank’s operation seeking issue of final instrument of authorization, didn’t reflect its factual position The Reserve Bank of India (RBI) on October 20 said it has assessed a financial penalty of ₹ one crore on Paytm Payments Bank Limited (PPBL) for certain violations This is related to an offence committed of the nature appertained to in Section 26 (2) of Payment and Agreement Systems Act, 2007 (PSS Act), the RBI said in a press statement.
On examination of Paytm payments bank’s operation for issue of final Certificate of Authorisation, the RBI observed that PPBL had submitted information that didn’t reflect the factual position, the central bank said As this was an offence of the nature appertained to in Section 26 (2) of the PSS Act, a notice was issued to PPBL. After reviewing the written responses and oral cessions made during the particular hail, the RBI determined that the forenamed charge was substantiated and warranted the duty of a financial penalty,” the RBI order said The Reserve Bank of India (RBI) has assessed a penalty of ₹ one crore on Paytm Payments Bank for violating vittles of Payment and Agreement Systems Act 2007 It has also penalised Western Union Financial Services by assessing a penalty of Rs27.8 lakh for violating specified limit of remittances per time.
According to a statement issued by the central bank, it was noted that Paytm payments bank’s operation seeking issue of final instrument of authorization, didn’t reflect its factual position The Reserve Bank of India (RBI) on October 20 said it has assessed a financial penalty of ₹ one crore on Paytm Payments Bank Limited (PPBL) for certain violations This is related to an offence committed of the nature appertained to in Section 26 (2) of Payment and Agreement Systems Act, 2007 (PSS Act), the RBI said in a press statement On examination of Paytm payments bank’s operation for issue of final Certificate of Authorisation, the RBI observed that PPBL had submitted information that didn’t reflect the factual position, the central bank said As this was an offence of the nature appertained to in Section 26 (2) of the PSS Act, a notice was issued to PPBL. After reviewing the written responses and oral cessions made during the particular hail, the RBI determined that the forenamed charge was substantiated and warranted the duty of a financial penalty,” the RBI order said.
It has also assessed a penalty of ₹27.8 lakhs on Western Union Financial Services, a plutocrat transfer service for violating the ceiling of 30 remittances per devisee during the timetable times of 2019 and 2020 “ Western Union had reported cases of breach of the ceiling of 30 remittances per devisee during the timetable times 2019 and 2020, and filed an operation for compounding of the violation. RBI determined that the forenamednon-compliance warranted the duty of a financial penalty after analysing the compounding operation, and oral cessions made during the particular hail,” the central bank statement said
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