PAYMENT AND SETTLEMENT SYSTEMS

Payment and settlement systems play an important role in improving overall economic efficiency. They consist of all the diverse arrangements that we use to systematically transfer money-currency, paper instruments such as cheques, and various electronic channels.


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Date : May 03, 2019
Reserve Bank of India imposes monetary penalty on Western Union Financial Services Inc. and MoneyGram Payment Systems Inc.

The Reserve Bank of India (RBI) has, vide orders dated April 20, 2018, imposed monetary penalty of ₹ 29,66,959/- and ₹ 10,11,653/- on Western Union Financial Services Inc., USA and MoneyGram Payment Systems Inc., USA, respectively, for non-compliance of regulatory guidelines.

These penalties have been imposed in exercise of the powers vested in RBI under the provisions of Section 31 of the Payment and Settlement Systems Act, 2007 for compounding of the contraventions.

Shailaja Singh
Deputy General Manager

Press Release : 2018-2019/2592


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