The Reserve Bank of India (RBI) has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank for non-compliance with KYC norms and other provisions.
Banking & Finance
Mumbai: The Reserve Bank of India on Thursday said it has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions including Know Your Customer (KYC) norms. Failed to monitor, and the regulatory limit of balance was breached at the end of the day. The fine is based on deficiencies in regulatory compliance and does not call into question the legality of any transaction. The central bank also found non-compliance with certain provisions related to 'RBI guidelines for licensing of payments banks', 'cyber security framework in banks' and 'securing mobile banking applications including the UPI ecosystem'. According to an official statement, a special investigation was conducted from the KYC/AML (Anti Money Laundering) perspective of the bank and a comprehensive system audit of the bank was conducted by an RBI identified auditor.
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