monetary penalty on payment system operators

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50699

In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following entities for non-compliance of regulatory guidelines.

Sr. No.Name of the EntitySpeaking Order datedAmount of Penalty
(₹ lakh)
Non-bank Prepaid Payment Instrument Issuers
1.Sodexo SVC India Private Limited03-08-2020200.00
2.Muthoot Vehicle & Asset Finance Ltd.12-08-202034.55
3.QwikCilver Solutions Private Limited15-10-2020100.00
4.Phonepe Private Limited04-11-2020139.00
5.Delhi Metro Rail Corporation Limited13-11-20205.00
ATM Network Operator
6.Punjab National Bank13-11-2020100.00

It would have been better if RBI had also specified in the press release the exact nature of the non compliances by these entities.

Leave a comment

Filed under banking laws

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s