RBI fines two payment system operators

Mumbai: The Reserve Financial institution of India has imposed financial penalties on two cost system operators – Paytm Funds Financial institution Ltd (PPBL) and Western Union Monetary Companies (WUFSI) – as deficiencies have been present in regulatory compliance. The RBI imposed a Rs 1 crore financial penalty on Paytm Funds Financial institution for an offence dedicated beneath the Fee and Settlement Methods Act, 2007.

Apart from, the regulator has imposed a financial penalty of over ₹27 lakh on the WUFSI for non-compliance with sure provisions of the instructions contained within the ‘Grasp Path on Cash Switch Service Scheme’ (MTSS Instructions).