RBI imposes Rs 1 crore penalty on Paytm Payments Bank

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.

On examination of Paytm payments bank’s application for issue of final Certificate of Authorisation, the RBI observed that PPBL had submitted information that did not reflect the factual position, the central bank said.