Paytm to transfer online payments biz to subsidiary
RBI guidelines for regulation of payment aggregators (PAs) requires their business to be regulated and run by a separate company, after obtaining the licence from RBI. The new entity will include Paytm's online payment gateway business.
RBI imposes penalty on Axis Bank"...the bank failed to monitor/carry out ongoing due diligence in the said account to ensure that the transactions were consistent with its knowledge about the customer, customer's business and risk profile," it said in a statement.
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