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The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 1 crore on which payments bank recently?
- a)Airtel Payment Bank
- b)India Post Payment Bank
- c)Paytm Payment Bank
- d)NSDL Payment Bank
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 1 c...
Paytm Payment Bank Penalized by RBI
The Reserve Bank of India (RBI) recently imposed a monetary penalty of Rs. 1 crore on Paytm Payment Bank. This penalty was imposed for non-compliance with regulatory guidelines.
Reason for Penalty
The penalty was imposed on Paytm Payment Bank for violating norms related to the 'Operating Guidelines for Payments Banks'. The RBI found that the payments bank had contravened the guidelines on maintaining a minimum balance of 15% of demand and time liabilities. This non-compliance led to the imposition of the penalty.
Impact of Penalty
The penalty of Rs. 1 crore on Paytm Payment Bank serves as a reminder to all payments banks to adhere to the regulatory guidelines set by the RBI. It highlights the importance of maintaining compliance with the regulations to ensure the stability and integrity of the banking system.
Conclusion
In conclusion, the penalty imposed by the RBI on Paytm Payment Bank underscores the regulatory oversight in the banking sector. It emphasizes the need for payments banks to operate within the framework of guidelines to maintain the trust of customers and promote financial stability in the economy.
The Reserve Bank of India (RBI) recently imposed a monetary penalty of Rs. 1 crore on Paytm Payment Bank. This penalty was imposed for non-compliance with regulatory guidelines.
Reason for Penalty
The penalty was imposed on Paytm Payment Bank for violating norms related to the 'Operating Guidelines for Payments Banks'. The RBI found that the payments bank had contravened the guidelines on maintaining a minimum balance of 15% of demand and time liabilities. This non-compliance led to the imposition of the penalty.
Impact of Penalty
The penalty of Rs. 1 crore on Paytm Payment Bank serves as a reminder to all payments banks to adhere to the regulatory guidelines set by the RBI. It highlights the importance of maintaining compliance with the regulations to ensure the stability and integrity of the banking system.
Conclusion
In conclusion, the penalty imposed by the RBI on Paytm Payment Bank underscores the regulatory oversight in the banking sector. It emphasizes the need for payments banks to operate within the framework of guidelines to maintain the trust of customers and promote financial stability in the economy.
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The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 1 c...
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1 crore on Paytm Payments Bank recently.
The penalty was for submitting information that did not reflect the factual position. It is an offense under Section 26 (2) of the Payments and Settlement Act. RBI also imposed a penalty of Rs Rs 27.78 lakh on Western Union Financial Services for non-compliance with Money Transfer Service Scheme (MTSS) directions.
Hence, the correct option is (C).
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The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 1 crore on which payments bank recently?a)Airtel Payment Bankb)India Post Payment Bankc)Paytm Payment Bankd)NSDL Payment BankCorrect answer is option 'C'. Can you explain this answer?
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