RBI Imposes Fines On PPIs For Violating Norms

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.


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