Paytm Payments Bank fined ₹5.39 cr by RBI for KYC norms violation

Paytm Payments Bank has been fined ₹5.39 crore by RBI for KYC norms violation. RBI said the bank failed to identify beneficial owner in respect of entities onboarded by it for providing payout services, didn't monitor payout transactions and didn't carry out risk profiling of entities availing payout services. The bank also reported a cyber security incident with delay.