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RBI imposed Rs 1 crore penalty on Paytm payments bank

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The Reserve Bank of India (RBI) has imposed a penalty of ₹ one crore on Paytm Payments Bank for violating provisions of the Payment and Settlement Systems Act 2007.

It has also penalised Western Union Financial Services by imposing a penalty of Rs 27.8 lakh for violating the prescribed limit of remittances per year. According to a statement issued by the central bank, it was noted that Paytm payments bank’s application seeking issue of the final certificate of authorization, did not reflect its factual position

The Reserve Bank of India (RBI) on October 20 said it has imposed a monetary penalty of ₹ one crore on Paytm Payments Bank Limited (PPBL) for certain violations. This is related to an offence committed of the nature referred to in Section 26 (2) of Payment and Settlement Systems Act, 2007 (PSS Act), the RBI said in a press statement.

On examination of Paytm payments bank’s application for issue of final Certificate of Authorisation, the RBI observed that PPBL had submitted information that did not reflect the factual position, the central bank said.

“As this was an offence of the nature referred to in Section 26 (2) of the PSS Act, a notice was issued to PPBL. After reviewing the written responses and oral submissions made during the personal hearing, the RBI-determined that the aforementioned charge was substantiated and warranted the imposition of a monetary penalty,” the RBI order said.

RBI has also imposed a penalty of ₹ 27.8 lakhs on Western Union Financial Services.

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Taloja SUV Crash Death Toll Rises to Two as Burn Victim Succumbs

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The death toll from the horrific multi-vehicle crash in Taloja Phase-1 has risen to two following the tragic demise of a bystander who sustained severe burn injuries during the accident.

The incident unfolded in Sector-10 when a speeding electric SUV spun completely out of control. The luxury vehicle rammed into a two-wheeler, a commercial tempo, and an autorickshaw before finally ploughing straight into a roadside vada pav food stall. The collision caused a massive vessel filled with boiling frying oil at the food stall to overturn, spilling directly onto a nearby bystander. The victim suffered catastrophic burns across the neck, back, and upper body and tragically succumbed to the injuries while undergoing treatment at a local hospital.

The first fatality of the crash occurred on the spot, where a 32-year-old scooty rider, identified as Nadeem Khan, was killed instantly by the initial impact. The driver of the SUV, identified as 22-year-old college student Arafat Patel the son of a local real estate builder initially abandoned the mangled vehicle and fled the scene on foot. Following a coordinated nine-hour manhunt utilizing technical surveillance, the Taloja police successfully tracked down and arrested Patel from his father’s office in Kharghar.

During police interrogation, Patel claimed that he panicked in the driver’s seat and accidentally stomped on the accelerator instead of the brakes. Medical evaluation reports have confirmed that the accused was not under the influence of alcohol at the time of the crash.

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Manhunt Launched After Murder Near CBD Belapur D-Mart

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Unidentified attacker at large following a deadly assault with a sharp weapon in broad daylight.

The Attack

The CBD Belapur police have launched a massive manhunt after an unidentified man was brutally attacked and killed with a sharp weapon in a bustling commercial area. The gruesome incident took place in the immediate vicinity of the popular D-Mart store in CBD Belapur, causing immediate panic among shoppers and local residents.

According to preliminary details, the victim suffered fatal injuries from the assault and succumbed to his wounds. The motive behind the violent attack remains entirely unclear, as police officials are currently working to establish the identity of the deceased man.

A heavy police deployment was rushed to the crime scene shortly after the incident was reported. Law enforcement teams have cordoned off the area and are actively gathering evidence. Investigators are currently scanning through footage from CCTV cameras installed around the D-Mart premises and adjacent commercial establishments to trace the attacker’s route and identity.

The local police have registered a case of murder and are questioning eyewitnesses, including street vendors and security guards who were present near the store at the time of the incident. Authorities have urged anyone with information regarding the identity of the victim or suspicious movement in the area to come forward as the search for the assailant intensifies.

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Navi Mumbai’s Largest Cluster Scheme Approved to Rebuild Ghansoli’s Dilapidated Simplex Colony

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NMMC greenlights massive redevelopment project for Sector-7, promising modern housing and structural safety for over 16,000 residents.

The Redevelopment

The Navi Mumbai Municipal Corporation (NMMC) has officially issued an Urban Renewal Plan notification for the Simplex Housing Condominium in Ghansoli, Sector-7. This long-awaited decision clears the path for the largest cluster redevelopment project in the city’s history, spanning a massive 67,146 square meters.

Built decades ago by CIDCO, the sprawling colony has deteriorated into a hazardous state. Residents have been living in highly unsafe conditions, frequently dealing with deeply cracked pillars, fractured walls, and falling ceiling plaster. The redevelopment will bring major relief to roughly 16,000 residents predominantly families of Mathadi workers who are currently cramped into tiny, one-room tenements.

Past attempts to rebuild individual buildings independently failed because small plot sizes, tight development rules, and narrow internal roads made reconstruction financially unviable for developers. By combining multiple building blocks (including the C, D, E, F, and H series) under a single “cluster,” the NMMC is paving the way for a well-planned, modern township with superior infrastructure.

Following smaller pilot cluster projects previously introduced in Vashi, the massive scale of the Simplex colony transformation is expected to set a new blueprint for reviving other aging CIDCO pockets across Navi Mumbai. The municipal administration has opened a 30-day window for citizens to submit feedback, suggestions, or objections before finalizing the blueprint and beginning construction.

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