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 Entity||Speaking Order dated||Amount of Penalty|
|Non-bank Prepaid Payment Instrument Issuers|
|1.||Sodexo SVC India Private Limited||03-08-2020||200.00|
|2.||Muthoot Vehicle & Asset Finance Ltd.||12-08-2020||34.55|
|3.||QwikCilver Solutions Private Limited||15-10-2020||100.00|
|4.||Phonepe Private Limited||04-11-2020||139.00|
|5.||Delhi Metro Rail Corporation Limited||13-11-2020||5.00|
|ATM Network Operator|
|6.||Punjab National Bank||13-11-2020||100.00|
It would have been better if RBI had also specified in the press release the exact nature of the non compliances by these entities.