Paytm Payments Bank faces ₹5.49 crore penalty from RBI for non-compliance. Stay informed on regulatory actions.
The Reserve Bank of India (RBI) has imposed a fine of ₹5.49 crore on Paytm Payments Bank for failing to adhere to regulatory guidelines.
The penalty was imposed in February after an inspection revealed that the bank had violated Know Your Customer (KYC) and Anti-Money Laundering (AML) norms. The central bank found deficiencies in the processes followed by the bank for customer due diligence and compliance with KYC requirements.
Despite the penalty, Paytm Payments Bank continues to operate and serve its customers in the digital payments space. It is important for financial institutions to maintain strict compliance with regulatory requirements to ensure the integrity and security of the financial system.
GST Collection in February Touches ₹1.68 Lakh Crore
In other financial news, the Goods and Services Tax (GST) collection for the month of February reached a total of ₹1.68 lakh crore, marking an increase from previous months. This uptick in GST collection is a positive sign for the economy as it indicates higher economic activity and consumer spending.
The government’s efforts to streamline tax collection processes have contributed to this growth in GST collections. By implementing measures like e-invoicing and strengthening tax compliance mechanisms, authorities have been able to boost revenue generation through indirect taxes.
Sensex and Nifty Hit All-Time Highs
On a separate note, the benchmark indices Sensex and Nifty scaled new peaks during recent trading sessions, reaching all-time highs. These record levels reflect investor optimism and confidence in the Indian stock market.
