The Reserve Bank of India has slapped a monetary penalty on five pre-paid payment instrument issuers including Vodafone m-pesa and Phonepe, for violating regulatory guidelines. A penalty of INR 3.05 crore has been imposed on Vodafone m-pesa and INR 1 crore each on Mobile Payments, PhonePe, and G.I. Technology Private Ltd.
Also, a penalty of INR 5 lakh has been imposed on Y-Cash Software Solutions. The central bank also stated that it had imposed a penalty of INR 29.67 lakh on Western Union Financial Services Inc., USA., and INR 10.12 lakh on MoneyGram Payment Systems Inc, USA, for non-compliance of regulatory guidelines.
Source: The Hindu
Static/Current Takeaways Important for LIC AAO Exam:
- Present RBI governor: Shaktikanta Das.