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S.No.
|
ENTITY |
PERSONS |
REGULATORY CHARGES
|
REGULATORY ACTION(S) / DATE OF ORDER
|
FURTHER DEVELOPMENTS
|
|
21
|
|
PAYTM PAYMENTS BANK LTD.
|
|
|
DID NOT ADHERE TO INSTRUCTIONS OF RBI ON SUPERVISORY ACTION FRAMEWORK (SAF)
|
DIRECTED TO STOP ONBOARDING OF NEW CUSTOMERS FROM 11-MAR-2022
DIRECTED TO APPOINT IT AUDIT FIRM TO CONDUCT COMPREHENSIVE SYSTEM AUDIT OF IT SYSTEM FROM 11-MAR-2022
11-MAR-2022
|
RBI VIDE ITS ORDER DATED 16/02/2024, PARTIALLY MODIFIED THE EARLIER DIRECTIONS DATED 31/01/2024 A) NO FURTHER DEPOSITS OR CREDIT TRANSACTIONS OR TOP UPS SHALL BE ALLOWED IN ANY CUSTOMER ACCOUNTS, PREPAID INSTRUMENTS, WALLETS, FASTAGS, NATIONAL COMMON MOBILITY CARDS, ETC. AFTER MARCH 15, 2024 (EXTENDED FROM THE EARLIER STIPULATED TIMELINE OF 29/02/2024) OTHER THAN ANY INTEREST, CASHBACKS, SWEEP IN FROM PARTNER BANKS OR REFUNDS WHICH MAY BE CREDITED ANYTIME B) WITHDRAWAL OR UTILISATION OF BALANCES BY ITS CUSTOMERS FROM THEIR ACCOUNTS INCLUDING SAVINGS BANK ACCOUNTS, CURRENT ACCOUNTS, PREPAID INSTRUMENTS, FASTAGS, NATIONAL COMMON MOBILITY CARDS, ETC. ARE TO BE PERMITTED WITHOUT ANY RESTRICTIONS, UPTO THEIR AVAILABLE BALANCE C) NO BANKING SERVICES, OTHER THAN THOSE REFERRED IN (II) ABOVE, LIKE FUND TRANSFERS (IRRESPECTIVE OF NAME AND NATURE OF SERVICES LIKE AEPS, IMPS, ETC.), BBPOU AND UPI FACILITY SHOULD BE PROVIDED BY THE BANK AFTER MARCH 15, 2024 (EXTENDED FROM THE EARLIER STIPULATED TIMELINE OF 29/02/2024). HOWEVER, FOR THE PURPOSE OF (II) ABOVE (VIZ. FOR WITHDRAWAL OR UTILISATION OF AVAILABLE BALANCE BY CUSTOMERS OR WALLET HOLDERS), SUCH FUND TRANSFERS INCLUDING AEPS, IMPS AND UPI MAY BE ALLOWED ANYTIME D) THE NODAL ACCOUNTS OF ONE97 COMMUNICATIONS LTD AND PAYTM PAYMENTS SERVICES LTD MAINTAINED BY PAYTM PAYMENTS BANK LIMITED ARE TO BE TERMINATED AT THE EARLIEST, IN ANY CASE NOT LATER THAN 29/02/2024 E) SETTLEMENT OF ALL PIPELINE TRANSACTIONS IN NODAL ACCOUNTS REFERRED TO IN ITEM (IV) ABOVE (IN RESPECT OF ALL TRANSACTIONS INITIATED ON OR BEFORE 29/02/2024) SHALL BE COMPLETED BY 15/03/2024 AND NO FURTHER TRANSACTIONS SHALL BE PERMITTED THEREAFTER. DIRECTED THAT WITHDRAWALS UPTO THEIR AVAILABLE BALANCE SHOULD BE FACILITATED BY THE BANK FROM ALL ACCOUNTS AND WALLETS, EXCLUDING THE ONES THAT ARE FROZEN OR LIEN MARKED BY LAW ENFORCEMENT OR JUDICIAL AUTHORITIES. FURTHER, IT IS DIRECTED THAT THE BANK SHALL FACILITATE A SEAMLESS WITHDRAWAL OF CUSTOMER DEPOSITS THAT ARE PARKED WITH PARTNER BANKS UNDER THE AUTOMATIC ‘SWEEP-IN SWEEP-OUT’ FACILITY WITHOUT CAUSING ANY INCONVENIENCE TO SUCH CUSTOMERS
RBI VIDE ITS ORDER DATED 23/02/2024, REITERATED THAT AS THE PAYTM PAYMENT CANNOT ACCEPT FURTHER CREDITS INTO ITS CUSTOMER ACCOUNTS AND WALLETS AFTER 15/03/2024, CERTAIN ADDITIONAL STEPS HAVE BECOME NECESSARY TO ENSURE SEAMLESS DIGITAL PAYMENTS BY UPI CUSTOMERS A) NPCI HAS BEEN ADVISED BY RBI TO EXAMINE REQUEST OF ONE97 COMMUNICATION LTD. TO BECOME A THIRD-PARTY APPLICATION PROVIDER (TPAP) FOR UPI CHANNEL FOR CONTINUED UPI OPERATION OF PAYTM APP, AS PER THE NORMSB) FURTHER ADVISED THAT IN THE EVENT OF NPCI GRANTING TPAP STATUS TO OCL, IT MAY BE STIPULATED THAT ‘@PAYTM’ HANDLES ARE TO BE MIGRATED IN A SEAMLESS MANNER FROM PAYTM PAYMENTS BANK TO A SET OF NEWLY IDENTIFIED BANKS TO AVOID ANY DISRUPTION. NO NEW USERS ARE TO BE ADDED BY THE SAID TPAP UNTIL ALL THE EXISTING USERS ARE MIGRATED SATISFACTORILY TO A NEW HANDLEC) FOR SEAMLESS MIGRATION OF ‘@PAYTM’ HANDLE TO OTHER BANKS, NPCI MAY FACILITATE CERTIFICATION OF 4-5 BANKS AS PAYMENT SERVICE PROVIDER (PSP) BANKS WITH DEMONSTRATED CAPABILITIES TO PROCESS HIGH VOLUME UPI TRANSACTIONS. THIS IS IN LINE WITH NPCI NORMS FOR MINIMISING CONCENTRATION RISK D) FOR THE MERCHANTS USING PAYTM QR CODES, OCL MAY OPEN THE SETTLEMENT ACCOUNTS WITH ONE OR MORE PSP BANKS (OTHER THAN PAYTM PAYMENTS BANK)
|
|
22
|
|
|
PAYTM PAYMENTS BANK LTD.
|
|
|
DID NOT ADHERE TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007
|
IMPOSED PENALTY RS.1,00,00,000 FROM 01-OCT-2021
01-OCT-2021
|
|
|
23
|
|
|
PYRO NETWORKS PVT.LTD.
|
|
|
SURRENDERED CERTIFICATE OF REGISTRATION
|
CANCELLED CERTIFICATE OF AUTHORISATION FROM 30-MAR-2019
30-MAR-2019
|
|
|
24
|
|
|
RIDDISIDDHI BULLIONS LTD.
|
|
|
DID NOT ADHERE TO REGULATORY REQUIREMENTS ISSUED BY RBI
|
CERTIFICATE OF AUTHORISATION REVOKED FROM 04-MAR-2021
04-MAR-2021
|
|
|
25
|
|
|
SPICE MONEY LTD.
|
|
|
DEFICIENCIES IN REGULATORY COMPLIANCE
|
IMPOSED PENALTY RS.1,00,00,000 FROM 07-DEC-2021
07-DEC-2021
|
|
|
26
|
|
|
TATA COMMUNICATIONS PAYMENT SOLUTIONS LTD.
|
|
|
DID NOT ADHERE TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007
|
IMPOSED PENALTY RS.2,00,00,000 FROM 21-OCT-2021
21-OCT-2021
|
|
|
27
|
|
|
TECH MAHINDRA LTD.
|
|
|
VOLUNTARILY SURRENDERED CERTIFICATE OF AUTHORISATION
|
CANCELLED CERTIFICATE OF AUTHORISATION FROM 28-AUG-2018
28-AUG-2018
|
|
|
28
|
|
|
TIMESOFMONEY LTD.
|
|
|
VOLUNTARILY SURRENDERED CERTIFICATE OF AUTHORISATION
|
CANCELLED CERTIFICATE OF AUTHORISATION FROM 23-SEP-2010
23-SEP-2010
|
|
|
29
|
|
|
UAE EXCHANGE CENTER LLC
|
|
|
DID NOT ADHERE TO REGULATORY REQUIREMENTS ISSUED BY RBI
|
CERTIFICATE OF AUTHORISATION REVOKED FROM 10-OCT-2024
10-OCT-2024
|
|
|
30
|
|
|
WESTERN UNION FINANCIAL SERVICES INC.
|
|
|
DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON MASTER DIRECTION ON MONEY TRANSFER SERVICE SCHEME (MTSS) DIRECTIONS, 2017
|
IMPOSED PENALTY RS.27,78,750 FROM 07-OCT-2021
07-OCT-2021
|
|
|
31
|
|
|
WESTERN UNION FINANCIAL SERVICES INC.
|
|
|
DID NOT ADHERE TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007
|
IMPOSED PENALTY RS.29,66,959 FROM 20-APR-2018
20-APR-2018
|
|
|
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
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