Last week, the Reserve Bank of India (RBI) imposed monetary penalties on PhonePe and five other payments entities, totaling around ₹5.78 crore. While the central bank fined 5 pre-paid instrument (PPI) players, the Punjab National Bank was fined ₹1 crore for non-compliance with regulatory guidelines with regards to the banks' ATM network operations. In its press release, the RBI said “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." The PPI entities recently penalised include: Sodexo VC India Private Limited: ₹2 crore PhonePe Pvt Ltd: ₹1.39 crore QwikCilver Solutions Private Ltd: ₹1 crore Muthoot Vehicle & Asset Finance Ltd: ₹34.55 lakh Delhi Metro Rail Corporation Limited: ₹5 lakh Previous penalty orders on PPI players On November 07, 2019: RBI imposed a ₹5 lakh penalty on Oxigen Services Pvt Ltd. On July 29, 2019: RBI imposed a ₹11.25 lakh penalty against ZipCash Card Services Pvt. Ltd and Yes Bank Ltd, each, for non-compliance with PPI regulatory guidelines. On July 11, 2019: RBI issued a ₹15 lakh penalty on One Mobikwik Systems Pvt Ltd and a ₹10.85 lakh penality on Hip Bar Pvt Ltd. On May 3, 2019: RBI penalises 5 PPI players totalling ₹6.1 crore, including Vodafone m-Pesa and PhonePe The issue of transparency The RBI routinely issues notices to banks, non-bank lenders, payment companies and other regulated entities, based on the findings of its supervisors and…
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