Reserve Bank of India has imposed monetary penalties on two payment system operators — Paytm Payments Bank and Western Union Financial Services — as deficiencies were found in regulatory compliance.
The RBI imposed a Rs 1 crore monetary penalty on Paytm Payments Bank for an offence committed under the Payment and Settlement Systems Act, 2007.
The RBI has imposed a monetary penalty of over Rs 27 lakh on Western Union Financial Services for non-compliance with certain provisions of the directions contained in the Master Direction on Money Transfer Service Scheme (MTSS Directions).
Western Union Financial Services had reported instances of breach of the ceiling of 30 remittances per beneficiary during the calendar years 2019 and 2020, and filed an application for compounding of the violation.
