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RBI imposed Penalty Paytm Payments Bank Limited (PPBL)

Published on October 23, 2021
Current Context: The Reserve Bank of India (RBI) has imposed a penalty on Paytm Payments Bank Limited (PPBL).
RBI imposed Penalty Paytm Payments Bank Limited (PPBL)
  • A penalty of Rs 1 crore was imposed on PPBL.
  • The penalty was imposed due to violations of certain rules under Section 26 (2) of the Payment and Settlement Systems Act, 2007.
  • As per the central bank, the information submitted during PPBL’s application for the issue of the final Certificate of Authorisation (CoA) did not reflect the factual position.
  • Static Part: 
    • HQ of PPBL: Noida, Uttar Pradesh
    • Chairman of PPBL: Vijay Shekhar Sharma
    • MD and CEO of PPBL: Satish Kumar Gupta
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 What amount of penalty was imposed by RBI on Paytm Payments Bank Limited due to violations of certain rules under Section 26 (2) of the Payment and Settlement Systems Act, 2007?
a. Rs 20 lakhs
b. Rs 50 lakhs
c. Rs 1.5 crore
d. Rs 1 crore

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