India's central bank penalizes Paytm Payments Bank, Western Union

The Reserve Bank of India imposed monetary penalties on payment system operators Paytm Payments Bank Ltd. and Western Union Financial Services Inc. over violations of certain regulations.

Paytm was ordered to pay 10.0 million Indian rupees after it was found to have submitted information that did not reflect a factual position in its application for a final Certificate of Authorization.

Meanwhile, Western Union was fined 2.8 million rupees for breaching the limit of 30 remittances per beneficiary in 2019 and 2020, and subsequently filing an application for compounding of the violation, the central bank said.

As of Oct. 20, US$1 was equivalent to 74.84 Indian rupees.