RBI imposed penalty on payment operators One Mobikwik & Spice Money

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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