monetary penalty on payment system operators

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.

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Filed under banking laws

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