New Delhi: RBI fines Paytm Payment Bank Rs 1 crore Penalty for violating the provisions of the Payment Settlement Systems Act 2007. The RBI also fined Western Union Financial Services. A fine of Rs 27.8 lakh was imposed.
The RBI action follows the founding of errors in the documents provided by Paytm Payments for approval. Western Union Financial Services was fined for violating the rules in 2019 and 2020.