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RBI Slaps INR 5.39 Crore Penalty on Paytm Payments Bank for KYC Non-Compliance and Cybersecurity Violations

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RBI Slaps INR 5.39 Crore Penalty on Paytm Payments Bank for KYC Non-Compliance and Cybersecurity Violations

The Reserve Bank of India (RBI) has imposed a penalty of INR 5.39 crore on Paytm Payments Bank for non-compliance with KYC norms and violations related to cybersecurity. This action highlights the RBI's commitment to maintaining the integrity and security of the Indian financial system. Paytm Payments Bank will need to undertake remediation efforts to address the issues raised by the RBI, ensuring compliance and enhancing cybersecurity measures. This penalty serves as a reminder to all financial institutions to uphold KYC norms and cybersecurity standards rigorously. The impact on customer trust will depend on the effectiveness of corrective actions taken.

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