News > RBI imposes Rs 1 crore penalty on Paytm Payments Bank

RBI imposes Rs 1 crore penalty on Paytm Payments Bank

Times Now | 20/10/2021 11:01 PM | Click to read full article

The Reserve Bank of India (RBI) had, by an order dated October 1, 2021, imposed a monetary 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).

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.