RBI imposes Rs 5.39 crore penalty on Paytm Payments Bank

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.

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 UPI ecosystem’.

A special scrutiny from KYC/AML (Anti Money Laundering) perspective of the bank was conducted and a comprehensive system audit of the bank was conducted by auditors identified by RBI, according to an official statement.