Begin typing your search above and press return to search.
proflie-avatar
Login
exit_to_app
Adani and his group buying governments
access_time 23 Nov 2024 6:53 AM GMT
Trump
access_time 22 Nov 2024 2:47 PM GMT
election commmission
access_time 22 Nov 2024 4:02 AM GMT
Champions Trophy tournament
access_time 21 Nov 2024 5:00 AM GMT
The illness in health care
access_time 20 Nov 2024 5:00 AM GMT
The fire in Manipur should be put out
access_time 21 Nov 2024 9:19 AM GMT
DEEP READ
Munambam Waqf issue decoded
access_time 16 Nov 2024 5:18 PM GMT
Ukraine
access_time 16 Aug 2023 5:46 AM GMT
Foreign espionage in the UK
access_time 22 Oct 2024 8:38 AM GMT
exit_to_app
Homechevron_rightBusinesschevron_rightBreach of norms: RBI...

Breach of norms: RBI imposes Rs 5.39 cr penalty on Paytm Payments Bank

text_fields
bookmark_border
Breach of norms: RBI imposes Rs 5.39 cr penalty on Paytm Payments Bank
cancel

Mumbai: The Reserve Bank of India (RBI) has imposed a Rs 5.39 crore fine on Paytm Payments Bank for violating RBI guidelines related to Know Your Customer (KYC) norms and not reporting incidents of cyber security breaches in time.

In a press release issued on Thursday, the central bank said that a special scrutiny report and a comprehensive system audit report have revealed non-compliance with norms by Paytm Payments Bank on the following grounds:

The bank failed to identify the beneficial owner in respect of entities onboarded by it for providing payout services, it did not monitor payout transactions and carry out risk profiling of entities availing payout services, and it breached the regulatory ceiling of end-of-the-day balance in certain customer advance accounts availing payout services.

Delay in reporting cyber security incidents, failure to implement device binding control measure related to 'SMS delivery receipt check', and its V-CIP infrastructure’s failure to prevent connections from IP addresses outside India, were also included in the list.

The RBI also said that the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

"This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949," the RBI said in its statement.

With inputs from IANS

Show Full Article
TAGS:RBIPaytmReserve Bank of IndiaPaytm Payment BankFinedBusiness News
Next Story