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RBI slaps Rs 1 crore penalty on Paytm Payments Bank

Shortpedia

Content Team
Image Credit: shortpdia

RBI announced that it has slapped a penalty of Rs 1 crore on Paytm Payments Bank Limited (PPBL) for an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act). RBI added that on examination of PPBL’s application for issue of final Certificate of Authorisation (CoA), it was observed that PPBL had submitted information that did not reflect the factual position.