- Reserve Bank of India (RBI) has imposed monetary penalty on two payment system operators viz., Paytm Payments Bank Ltd (PBBL) as well as Western Union Financial Services Inc.
- RBI levied a penalty of Rs 1 crore on PBBL. Penalty was imposed because of an offence related to Payment and Settlement Systems Act, 2007 (PSS Act).
- It levied a penalty of Rs 27.78 lakh on Western Union Financial Services, which is a cross-border in-bound service operator. Fine was imposed for non-compliance with certain directions that were issued by the central bank.
Tags:
Economics
