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RBI imposed penalty on payment operators One Mobikwik & Spice Money

Sumit Arora Published On December 28th, 2021 Leave a comment

Reserve Bank of India (RBI) has imposed monetary penalties on two payment system operators, One Mobikwik Systems Private Limited and Spice Money Limited, for violation of norms. Both the payment companies have been slapped with a fine of Rs 1 crore, as per the order issued by the central bank. In a statement, the RBI said it has imposed the penalty on the two payment system operators for “committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSSAct).”

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.