The Reserve Bank of India (RBI) on October 20 said it has imposed a monetary penalty of Rs one crore on Paytm Payments Bank Limited (PPBL) for certain violations.
This is related to an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act), the RBI said in a press statement.
This is related to an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act), the RBI said in a press statement.
Paytm Payments Bank will be able to operate the bill payment and aggregation business as Bharat Bill Payment Operating Unit (BBPOU). According to Reserve Bank of India instructions, Paytm Payments Bank will display all agent institutions on its website.
RBI directs Paytm Payments Bank to stop onboarding new customers with immediate effect
RBI also says, "No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024."