RBI Fines Two Payment System Operators

The reserve Bank of India has imposed monetary penalties on two payment system operators- Paytm Payment Bank Ltd (PPBL) and western Union Financial Services (WUFSI)- as deficiencies were found in regulatory compliance. The RBI imposed a Rs.1 crore monetary penalty on Paytm Payment Bank for an offence committed under the Payment and settlement systems Act, 2007.

Besides, the regulator has imposed a monetary penalty of over Rs.27 lakhs on the WUFSI for non-compliance with certain provisions of the directions contained in the ‘Master Direction on Money Transfer Service Scheme’ (MTSS Directions).

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