RBI Fine On Paytm Payments Bank: RBI has announced to impose fine on this bank. Let us tell you that Reserve Bank of India has imposed a fine of more than Rs 5 crore on this bank.
RBI Fine On Paytm Payments Bank: If you also do transactions or money transactions through Paytm Payments Bank, then this news is for you. Indian central bank RBI has imposed a heavy fine on Paytm Payments Bank. RBI has announced to impose fine on this bank. Let us tell you that Reserve Bank of India has imposed a fine of more than Rs 5 crore on this bank. Reserve Bank of India has imposed a fine of Rs 5.39 crore on Paytm Payments Bank. The Central Bank has imposed a fine on Paytm Payments Bank because the company violated the KYC rules of the bank, according to which a fine of Rs 5.09 crore has been imposed on Paytm Payments Bank.
Violated KYC rules
There are some guidelines of the Reserve Bank regarding Payments Bank. According to these guidelines, these include increasing the maximum balance at the end of the day, cyber security framework in the bank, guidelines on reporting unusual cyber security incidents and securing the mobile banking application with the UPI ecosystem.
This penalty has been imposed in exercise of the powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. This action is based on deficiencies in regulatory compliance and is not intended to affect the validity of any transaction or agreement entered into by the bank with its customers.