New Delhi : The Reserve Bank of India (RBI) on Tuesday after imposing fine of Rs 1 crore to SBI for violating the norms, has imposed a penalty of Rs 1 crore on Paytm Payments Bank for violating provisions of Payment and Settlement Systems Act 2007.

It also imposed penalty of Rs 27.80 lakh to Western Union Financial Services for violating prescribed limit of remittances per year.

A statement issued by the central bank, it was noted that Paytm payments bank’s application seeking issue of final certificate of authorization, did not reflect its factual position.

Reserve Bank of India (RBI) on October 20 said it has imposed a monetary penalty of Rs 1 crore on Paytm Payments Bank Limited (PPBL) for certain violations.

This is related to an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act), the RBI said in a press statement.

On examination of Paytm payments bank’s application for issue of final Certificate of Authorisation, the RBI observed that PPBL had submitted information that did not reflect the factual position, the central bank said.