@Sameer_Upadhyayula Paytm issue was more of related to its payment bank which comes under RBI where implications on KYCs are very high. Whle a large portion of profitable PB’s business is on Insurance side. I have not heard of Insurance related KYC being penalised severly. KYC on some of the insurance products was introduced from 2023 only – KYC mandatory for buying new health, auto, travel insurance from January 1, 2023 – The Economic Times
Penalyty size does not look big – in 2022-23 the largest penalty was on Amazon of just over 3 crores. AML/KYC Penalties in FY 2022-23 in India: Cooperative Banks and Payment Aggregators the Hardest Hit. 90 lakhs on axis bank – RBI imposes a monetary penalty of ₹90.92 lakh on Axis Bank. Details here | Mint. Over 5 cr on paytm payment banks – RBI imposes Rs 5.39 cr penalty on Paytm Payments Bank for KYC norms violation.
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